The S&P/ASX 200 Index (ASX: XJO) has taken a tumble on Wednesday. In afternoon trade, the benchmark index is down 0.4% to 6,603.1 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are sinking:
Beach Energy Ltd (ASX: BPT)
The Beach share price is down over 7% to $1.62. Investors have been selling energy shares after oil prices crashed during overnight trade. According to Bloomberg, the WTI crude oil price fell more than 10% before closing the session 8.2% lower at US$99.50 per barrel. Brent crude oil ended the session 9.45% lower at US$102.77 a barrel. Recession fears are weighing on prices.
BHP Group Ltd (ASX: BHP)
The BHP share price is down over 5% to $37.83. The Big Australian and other mining shares are falling heavily today after recession concerns put pressure on commodity prices. This has led to the S&P/ASX 200 Resources index trading a sizeable 5.4% lower at the time of writing.
Bubs Australia Ltd (ASX: BUB)
The Bubs share price is down 5% to 60.5 cents. The catalyst for this was the completion of the junior infant formula company's institutional placement and entitlement offer. Bubs has raised a total of $40.1 million at a sizeable 18.8% discount of 52 cents per new share. The company will now aim to raise $22.9 million from retail shareholders. These funds will be used to support its growth plans.
Galileo Mining Ltd (ASX: GAL)
The Galileo Mining share price is down over 3% to $1.28. This morning the palladium and nickel explorer announced that it has received firm commitments from sophisticated and institutional investors for a $20.4 million placement. These funds are being raised a $1.20 per new share, which represents a 10% discount to its last close price. The proceeds will be used to support accelerated diamond and RC drill programs at the Callisto palladium-nickel discovery.
