Why Platinum, Qantas, Red 5, and Zip shares are dropping today

These ASX shares have come under pressure during Thursday's session…

| More on:
a woman holds her hands to her temples as she sits in front of a computer screen with a concerned look on her face.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

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.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Zip Co. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Share Fallers

A worried man holds his head and look at his computer.
Share Fallers

Why Accent, Austal, Newmont, and Sandfire shares are plunging today

These ASX shares are ending the week in the red. But why?

Read more »

A young male investor wearing a white business shirt screams in frustration with his hands grasping his hair after ASX 200 shares fell rapidly today and appear to be heading into a stock market crash
Share Fallers

Why Clinuvel, Medibank, Sayona Mining, and Tabcorp shares are sinking today

These ASX shares are out of favour with investors on Thursday. But why?

Read more »

A woman with short brown hair and wearing a yellow top looks at the camera with a puzzled and shocked look on her face as the Westpac share price goes down for no reason today
Share Fallers

Why Corporate Travel Management, Iress, Rio Tinto, and Woolworths shares are crashing

These ASX shares are being sold off on Wednesday. But why?

Read more »

gambling asx share price fall represented by woman in soccer had looking frustrated at tablet screen
Share Fallers

This ASX stock has halved in 6 months. It could be a bargain buy

Remember, what the share price did in the past has nothing to do with what it could do in the…

Read more »

A businesswoman ponders why her boat is sinking in the ocean.
Materials Shares

Down 7%: What's gone so wrong for Lake Resources shares today?

Lake Resources shares have been put out to dry today.

Read more »

A young man clasps his hand to his head with his eyes closed and a pained expression on his face as he clasps a laptop computer in front of him, seemingly learning of bad news or a poor investment.
Share Fallers

Why Baby Bunting, Humm, Liontown, and Star shares are sinking today

These ASX shares are having a rough time on Tuesday. But why?

Read more »

A young man in a blue suit sits on his desk cross-legged with his phone in his hand looking slightly crazed.
Share Fallers

Down 76% in a year, why is the Core Lithium share price getting smashed again today?

Core Lithium and rival ASX 200 lithium miners are deep in the red on Tuesday.

Read more »

Red arrow going down symbolising a falling share price.
Share Fallers

3 ASX All Ords shares crashing as much as 24% on results

It’s a difficult day for shareholders of these stocks.

Read more »