In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a decline. At the time of writing, the benchmark index is down 0.6% to 6,952.1 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
Adairs Ltd (ASX: ADH)
The Adairs share price is down almost 7% to $2.07. The catalyst for this has been the furniture and homewares retailer's shares going ex-dividend for its upcoming interim dividend this morning. Eligible shareholders can now look forward to receiving Adairs' 8 cents per share fully franked dividend on 6 April.
Liontown Resources Ltd (ASX: LTR)
The Liontown share price is down 7% to $1.53. This may have been driven by continued weakness in lithium prices. In a note this morning, Goldman Sachs points out that spot lithium prices have continued to weaken. The 6% spodumene spot price is currently fetching US$5,040 a tonne, down from 1.3% from US$5,110 a tonne a week earlier.
Qantas Airways Limited (ASX: QAN)
The Qantas share price is down 3% to $6.27. This appears to have been caused by news that the ACCC has delayed a decision on its proposed takeover of Alliance Aviation Services Ltd (ASX: AQZ). The corporate regulator has delayed making a decision for another month and will give its verdict on 20 April. Investors appear to be interpreting this as a bad sign.
Synlait Milk Ltd (ASX: SM1)
The Synlait Milk share price is down over 5% to $2.52. Investors have been selling this dairy processor's shares after it provided very disappointing guidance and pushed back its recovery date by a year. Macquarie was disappointed and downgraded its shares to an underperform rating with a slashed price target of ~$2.44.
