In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has come under pressure after a shock rate hike by the Reserve Bank. At the time of writing, the benchmark index is down 0.8% to 7,273.9 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are falling:
Beach Energy Ltd (ASX: BPT)
The Beach Energy share price is down almost 3% to $1.44. Investors have been selling this energy producer's shares after oil prices tumbled overnight. Beach isn't the only energy share falling. The S&P/ASX 200 Energy index is down 1.7% this afternoon.
Computershare Ltd (ASX: CPU)
The Computershare share price is down 5% to $21.32. This follows the release of an update from the share registry company at an investor conference today. Management has reaffirmed its earnings per share guidance for FY 2023. It seems that some investors were betting on an upgrade from Computershare.
Endeavour Group Ltd (ASX: EDV)
The Endeavour share price is down 2.5% to $6.59. Investors have been selling this drinks company's shares following the release of its third-quarter update. Endeavour reported a 1.2% increase in retail sales and an 18.5% lift in hotels sales. This led to total third-quarter sales increasing 3.7% over the prior corresponding period.
Qantas Airways Limited (ASX: QAN)
The Qantas share price is down 2.5% to $6.57. This morning, the airline operator announced that its long-serving CEO, Alan Joyce, would be retiring from the role later this year. Joyce will be replaced by the company's current chief financial officer, Vanessa Hudson, when he steps down in November. The outgoing CEO has been in the role for approximately 15 years.
