In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a small decline. The benchmark index is currently down a touch to 7,328.6 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
BHP Group Ltd (ASX: BHP)
The BHP share price is down 2% to $44.20. This follows a mixed reaction to the miner's quarterly update, broad weakness in the resources sector, and a poor night of trade for its NYSE listed shares on Friday.
InvoCare Limited (ASX: IVC)
The InvoCare share price is down over 8% to $11.09. Investors have been hitting the sell button today after the funerals company revealed that private equity company TPG has withdrawn its takeover offer. TPG had tabled a non-binding $12.65 per share cash offer last month. And while management didn't feel this offer was acceptable, it granted it with access to limited non-public financial information. It seems that TPG doesn't believe an improved offer is possible given what it has seen.
Lake Resources N.L. (ASX: LKE)
The Lake Resources share price is down 4.5% to 42.5 cents. This appears to have been driven by investors being concerned by developments in Chile and fearing that the same could happen in neighbouring Argentina. The Chilean government has announced plans to effectively nationalise its lithium industry and take controlling stakes in its miners.
South32 Ltd (ASX: S32)
The South32 share price is down 7.5% to $4.12. This follows the release of a quarterly update that fell well short of expectations. This was driven partly by unfavourable weather conditions during the three months and has led to the miner downgrading its full-year production guidance accordingly.
