The S&P/ASX 200 Index (ASX: XJO) has taken a tumble on Tuesday after the RBA lifted the cash rate. In afternoon trade, the benchmark index is down 0.5% to 7,501.9 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
ARB Corporation Limited (ASX: ARB)
The ARB share price is down over 10% to $29.88. This 4×4 auto parts company's shares have come under pressure after Macquarie gave a lukewarm response to its half year update. Its analysts have downgraded ARB's shares to a neutral rating with a $33.00 price target.
Centuria Capital Group (ASX: CNI)
The Centuria Capital share price is down 5% to $1.87. This follows the release of the property company's half year results. Although Centuria Capital delivered strong top line growth, its operating profit was flat year over year.
Nick Scali Limited (ASX: NCK)
The Nick Scali share price is down 5% to $10.26. Investors have been selling this furniture retailer's shares since the release of its half year results. Macquarie has also responded to its results by downgrading its shares to a neutral rating with an $11.30 price target. The broker appears concerned by the headwinds the company is facing from higher interest rates and a cooling housing market.
Tabcorp Holdings Limited (ASX: TAH)
The Tabcorp share price is down 2% to $1.016. This may have been driven by a broker note out of Goldman Sachs. It has warned that the gaming company could fall short of expectations with its results. It notes that industry feedback and data updates suggest that competition has been strong. This is being driven by disruption from a new entrant in the market, which it feels could be pressuring net margins and earnings.
