In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has followed Wall Street's lead and dropped deep into the red. At the time of writing, the benchmark index is down 1.2% to 7,002.8 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
Invictus Energy Ltd (ASX: IVZ)
The Invictus Energy share price is down 6.5% to 29 cents. Investors have been selling this energy exploration company's shares following the release of an update on drilling activities at the Mukuyu-1 well in Zimbabwe. Management revealed that its wireline logging operations have been hit by issues retrieving its cable. It has become lodged against the wellbore and multiple attempts to free the cable were unsuccessful.
Star Entertainment Group Ltd (ASX: SGR)
The Star share price is down over 2% to $1.79. This morning, Goldman Sachs retained its neutral rating but slashed its price target on the casino operator's shares by a massive 34% to $1.90. Goldman said: "The NSW government's proposed casino tax reforms pose a significant earnings risk for SGR's Sydney casino."
Whitehaven Coal Ltd (ASX: WHC)
The Whitehaven Coal share price is down 4.5% to $9.30. Investors have been selling Whitehaven Coal and other coal miners today despite there being no news out of them. However, the energy sector has come under pressure today amid concerns over demand from China.
Woodside Energy Group Ltd (ASX: WDS)
The Woodside share price is down 3.5% to $35.49. This has been driven by a pullback in oil prices overnight. This appears to have been driven by concerns over surging COVID-19 cases in China, which has offset optimism that easing restrictions could boost demand.
