In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record another decline. At the time of writing, the benchmark index is down 0.4% to 7,285.4 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
Platinum Asset Management Ltd (ASX: PTM)
The Platinum share price is down 17% to $1.89. Investors have been selling this fund manager's shares following the release of a disappointing half-year result. Platinum reported a 20.5% decline in revenue to $102.26 million and a 37.4% decline in net profit to $37.56 million. This led to the company slashing its dividend by 30% to 7 cents per share.
Qantas Airways Limited (ASX: QAN)
The Qantas share price is down 6.5% to $6.05. This follows the release of the airline operator's half-year results. Although the Flying Kangaroo delivered a profit before tax at the top end of its guidance range and announced a $500 million on-market share buy-back, investors appear to have been betting on an even stronger result.
Red 5 Limited (ASX: RED)
The Red 5 share price is down 23% to 13.5 cents. This morning, this gold miner announced the completion of an $80 million institutional placement. These funds were raised at a 23% discount of 13.5 cents per share. The proceeds will ensure Red 5 is well funded, with sufficient working capital to support steady-state operations at the newly commissioned King of the Hills mine.
Zip Co Ltd (ASX: ZIP)
The Zip share price is down almost 7% to 52.7 cents. Investors have been selling this buy now pay later (BNPL) provider's shares following the release of its half-year results. Although Zip reported record revenue, it still recorded a loss after tax of $243 million. Nevertheless, management believes it has sufficient cash to see it through to positive group cash EBTDA in FY 2024.
