In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a disappointing decline. The benchmark index is currently down 0.45% to 7,282.6 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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Adbri Ltd (ASX: ABC)
The Adbri share price is down 6.5% to $1.53. This follows the release of an update on the Kwinana upgrade. Adbri revealed that the cost of its construction could now be more than double previous estimates. Management estimates that its cost will be $385 million to $420 million, which is up from the original estimate of approximately $200 million.
Champion Iron Ltd (ASX: CIA)
The Champion Iron share price is down 2.5% to $6.34. Investors have been selling this iron ore miner's shares following the release of its quarterly update. That's despite Champion Iron reporting record quarterly production of 3.1M wmt and annual production of 11.2M wmt. The latter represents a 41% increase year-on-year.
Core Lithium Ltd (ASX: CXO)
The Core Lithium share price is down 4.5% to 95 cents. This morning, analysts at Goldman Sachs responded to the lithium miner's quarterly update by reiterating their sell rating on the company's shares with an 80 cents price target. The broker continues to believe that its shares are overvalued compared to peers.
Syrah Resources Ltd (ASX: SYR)
The Syrah Resources share price is down 10% to $1.27. This morning, Syrah released its quarterly update and also announced a $150 million capital raising. The latter is through the issue of new convertible notes to AustralianSuper.
