The S&P/ASX 200 Index (ASX: XJO) is on course to end the week in a very disappointing fashion. In afternoon trade, the benchmark index is down a sizeable 1.4% to 6,748.8 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
Atlas Arteria Group (ASX: ALX)
The Atlas Arteria share price is down 14% to $6.69. This morning this toll road operator announced the completion of a $2.5 billion institutional entitlement offer. These funds were raised at $6.30 per new share, which represents a discount of 19.3% to its last close price. Atlas Arteria is raising the funds to acquire a 66.67% stake in the Skyway Concession company.
Liontown Resources Limited (ASX: LTR)
The Liontown share price is down over 5% to $1.62. Investors have been selling this lithium developer's shares despite there being no news out of it. However, it is worth noting that the lithium industry is a sea of red today. Investors appear to be selling higher risk shares during this latest market selloff.
St Barbara Ltd (ASX: SBM)
The St Barbara share price is down a sizeable 8% to 80.5 cents. This has been driven largely by a pullback in the gold price overnight. Traders have been selling down the yield-less safe haven asset after US treasury yields widened. The S&P/ASX All Ordinaries Gold index is down 4.6% this afternoon.
Zip Co Ltd (ASX: ZIP)
The Zip share price is down 3% to 83.5 cents. This follows the broad market selloff and calls for stricter regulations on buy now pay later (BNPL) providers in the United States. The U.S. Consumer Financial Protection Bureau (CFPB) wants to subject BNPL lenders to the same vigorous oversight as credit card companies.
