The S&P/ASX 200 Index (ASX: XJO) is on course to record another decline. In afternoon trade, the benchmark index is down 0.6% to 7,091.2 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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BWX Ltd (ASX: BWX)
The BWX share price is down a massive 48% to 33 cents. Investors have been hitting the sell button in response to a shocking business update. That update reveals that the Sukin skincare manufacturer missed its guidance in FY 2022, admitted to channel stuffing activities, downgraded its FY 2023 guidance, and revealed a growing mountain of debt.
City Chic Collective Ltd (ASX: CCX)
The City Chic share price is down 22% to 46 cents. The catalyst for this was another terrible update from the plus sized fashion retailer. City Chic revealed that trading conditions remain tough and it now expects to post a first half loss. This tough sales environment doesn't bode well for the company given its huge inventory position. Management expects to finish the half with inventory of $168 million to $174 million. This is 50% more than its current market capitalisation.
Domain Holdings Australia Ltd (ASX: DHG)
The Domain share price is down over 7% to $2.64. This has been driven by the release of a trading update from the property listings company this morning. That update reveals that December month to date listings are down around 51% in Sydney and 37% in Melbourne. As a result of the challenging market environment, first half EBITDA is expected to be around $48 million.
Johns Lyng Group Ltd (ASX: JLG)
The Johns Lyng share price is down 11% to $6.05. This morning, the company revealed that its executive director and COO, Lindsay Barber, has sold 4 million shares. The share sale represents almost a third of Mr Barber's prior holding.
