The S&P/ASX 200 Index (ASX: XJO) has followed Wall Street's lead and dropped deep into the red on Thursday. In afternoon trade, the benchmark index is down 1.8% to 6,862.9 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
BHP Group Ltd (ASX: BHP)
The BHP share price is down 7% to $37.73. This has been driven almost entirely by the mining giant's shares trading ex-dividend this morning for its latest dividend payment. Eligible shareholders can now look forward to being paid this fully franked final dividend of $2.471 per share later this month on 29 September.
Deep Yellow Limited (ASX: DYL)
The Deep Yellow share price is down 9% to $1.06. This appears to have been driven by profit taking after some strong gains in recent days. Investors have been buying this uranium developer's shares after the price of the chemical element pushed higher amid optimism over the potential construction of new nuclear power plants. The Deep Yellow share price remains up 20% since this time last week despite this pullback.
Nickel Industries Ltd (ASX: NIC)
The Nickel Industries share price is down over 5% to 93.7 cents. This morning the team at Macquarie downgraded this nickel producer's shares to a neutral rating and cut the price target on them to $1.00. This was driven by a softer than expected first half result and concerns over weakness in the stainless-steel market.
PointsBet Holdings Ltd (ASX: PBH)
The PointsBet share price is down 15% to $2.47. Investors have continued to sell this sports betting company's shares following the release of its full year results on Wednesday. Although PointsBet reported a 52% increase in revenue to $296.5 million it still recorded a loss after tax almost as great at $267 million. And while it finished the period with a sizeable cash balance of $472 million, investors appear concerned that this may still not be enough to see it through to profit.
