In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a small decline. At the time of writing, the benchmark index is down 0.15% to 7,141 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
Fortescue Metals Group Limited (ASX: FMG)
The Fortescue share price is down 4% to $19.16. This follows broad weakness in the materials sector today, which has made it the worst performing area of the market. This may have been driven by concerns over demand in China.
Healius Ltd (ASX: HLS)
The Healius share price is down 5% to $3.16. This decline could have been driven by a broker out of Ord Minnett this morning. According to the note, the broker has downgraded the healthcare company's shares to a lighten rating and slashed the price target on them to $2.95.
Nanosonics Ltd (ASX: NAN)
The Nanosonics share price is down 12% to $4.04. This may also have been driven by a broker downgrade. According to a note out of Morgans, have downgraded the infection prevention company's shares to a hold rating with a $4.91 price target. The broker made the move partly on valuation grounds.
PEXA Group Ltd (ASX: PXA)
The PEXA share price is down 4% to $13.64. Investors have been selling this property settlement platform provider's shares after its major shareholder, Link Administration Ltd (ASX: LNK), sold down its holding. Link has sold the equivalent of a 4.3% stake in PEXA for a 4.8% discount of $13.50 per share. Link generated total net proceeds of $101.9 million from the sale. It will now distribute the majority of its remaining shareholding to Link shareholders via an in-specie distribution.
