Why Allkem, Bowen Coking Coal, Pantoro, and Redbubble are dropping today

These ASX shares are dropping on Friday…

| More on:
A male investor wearing a blue shirt looks off to the side with a miffed look on his face as the share price declines.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week in the red. At the time of writing, the benchmark index is down 0.45% to 6,699.8 points.

Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:

Allkem Ltd (ASX: AKE)

The Allkem share price is down 1.5% to $14.68. This follows the release of the lithium miner's quarterly update this morning. Although Allkem reported strong revenue and cash margins thanks to sky high lithium prices, investors appear concerned by rising project costs.

Bowen Coking Coal Ltd (ASX: BCB)

The Bowen Coking Coal share price is down 14% to 32.2 cents. This has been driven by the coal miner announcing the successful completion of an $85 million placement at discount of $0.30 per share. The funds raised from the placement will be applied to infrastructure guarantees and prepayments, growth and working capital.

Pantoro Ltd (ASX: PNR)

The Pantoro share price is down 16.5% to 14.2 cents. This has also been caused by the completion of an equity raising this morning. The gold miner revealed that it has received firm commitments for an institutional placement to raise $28.5 million at a discount of 14.5 cents per share. Proceeds will be applied to support the Norseman Project as it ramps up to full production, as well as for working capital.

Redbubble Ltd (ASX: RBL)

The Redbubble share price has continued its decline and is down a further 4.5% to 50.7 cents. Investors have been selling off this ecommerce company's shares this week following another poor update. As well as lacklustre top line growth, the company revealed a significant increase in its salaries and wages to $19.3 million for the quarter. This annualises at a massive $77.2 million.

Motley Fool contributor James Mickleboro has positions in Allkem Limited. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended REDBUBBLE FPO. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Share Fallers

A young woman holds an open book over her head with a round mouthed expression as if to say oops as she looks at her computer screen in a home office setting with a plant on the desk and shelves of books in the background.
Share Fallers

Why Nanosonics, NIB, Santos, and TPG shares are falling today

These ASX shares are starting the week in the red.

Read more »

A worried man holds his head and look at his computer.
Share Fallers

Why Accent, Austal, Newmont, and Sandfire shares are plunging today

These ASX shares are ending the week in the red. But why?

Read more »

A young male investor wearing a white business shirt screams in frustration with his hands grasping his hair after ASX 200 shares fell rapidly today and appear to be heading into a stock market crash
Share Fallers

Why Clinuvel, Medibank, Sayona Mining, and Tabcorp shares are sinking today

These ASX shares are out of favour with investors on Thursday. But why?

Read more »

A woman with short brown hair and wearing a yellow top looks at the camera with a puzzled and shocked look on her face as the Westpac share price goes down for no reason today
Share Fallers

Why Corporate Travel Management, Iress, Rio Tinto, and Woolworths shares are crashing

These ASX shares are being sold off on Wednesday. But why?

Read more »

gambling asx share price fall represented by woman in soccer had looking frustrated at tablet screen
Share Fallers

This ASX stock has halved in 6 months. It could be a bargain buy

Remember, what the share price did in the past has nothing to do with what it could do in the…

Read more »

A businesswoman ponders why her boat is sinking in the ocean.
Materials Shares

Down 7%: What's gone so wrong for Lake Resources shares today?

Lake Resources shares have been put out to dry today.

Read more »

A young man clasps his hand to his head with his eyes closed and a pained expression on his face as he clasps a laptop computer in front of him, seemingly learning of bad news or a poor investment.
Share Fallers

Why Baby Bunting, Humm, Liontown, and Star shares are sinking today

These ASX shares are having a rough time on Tuesday. But why?

Read more »

A young man in a blue suit sits on his desk cross-legged with his phone in his hand looking slightly crazed.
Share Fallers

Down 76% in a year, why is the Core Lithium share price getting smashed again today?

Core Lithium and rival ASX 200 lithium miners are deep in the red on Tuesday.

Read more »