The S&P/ASX 200 Index (ASX: XJO) has followed the lead of US markets and is on course to end the day deep in the red. At the time of writing, the benchmark index is down 1.6% to 6,699.2 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
Imugene Limited (ASX: IMU)
The Imugene share price is down 12% to 20.3 cents. This is despite the immuno-oncology company announcing that its Phase 1 MAST (metastatic advanced solid tumours) study evaluating the safety of novel cancer-killing virus CF33-hNIS (VAXINIA) has seen the first patient dosed as part of intravenous cohort 1 in the trial.
Link Administration Holdings Ltd (ASX: LNK)
The Link share price is down over 4% to $3.29. Investors have been selling this administration services company's shares after the proposed takeover by Dye & Durham took another step towards collapsing. This morning Link advised that the UK Financial Conduct Authority (FCA) has hit it with a 50 million pounds (A$85 million) penalty for the Woodford investigation. This is on top of the restitution payment of approximately 306.1 million pounds (A$520 million).
Newcrest Mining Ltd (ASX: NCM)
The Newcrest share price is down 2.5% to $16.71. Investors appear concerned that the gold price could come under pressure if the US Federal Reserve makes a big increase to interest rates this week. It isn't just Newcrest that is falling today. The S&P/ASX All Ords Gold index is down 2.5% at the time of writing.
Zip Co Ltd (ASX: ZIP)
The Zip share price is down 6.5% to 72.5 cents. Investors have been selling Zip's shares despite there being no news out of the buy now pay later provider. However, it is worth noting that the tech sector is a sea of red today following a broad market selloff.
