The S&P/ASX 200 Index (ASX: XJO) is on course to record another small decline. In afternoon trade, the benchmark index is down 0.1% to 7,139 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 12% to $14.28. Although Allkem released its annual general meeting update today, this decline appears to have been driven by broad weakness in the lithium industry. In other news, the company's chair, Martin Rowley, has announced his surprise retirement from the role this afternoon.
Core Lithium Ltd (ASX: CXO)
The Core Lithium share price is down 15% to $1.59. Once again, this has been driven largely by significant weakness in the lithium industry today. In addition, this morning Macquarie downgraded Core Lithium's shares to a neutral rating and cut its price target to $1.80. The broker suspects that Core Lithium's first spodumene production could be delayed until FY 2024.
Flight Centre Travel Group Ltd (ASX: FLT)
The Flight Centre share price is down a further 2.5% to $15.98. Investors have been selling this travel agent's shares this week following the release of a trading update at its annual general meeting. One broker that was not impressed was Ord Minnett. This morning its analysts downgraded Flight Centre's shares to a lighten rating with a trimmed price target of $13.71.
National Australia Bank Ltd (ASX: NAB)
The NAB share price is down 2.5% to $30.44. This has been driven by the banking giant's shares going ex-dividend this morning for its final dividend. Last week, NAB released its full year results and declared a fully franked 78 cents per share fully franked final dividend. This will now be paid to eligible shareholders on 14 December.
