In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has run out of stream and edged into the red. At the time of writing, the benchmark index is down slightly to 7,212.8 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
Deep Yellow Limited (ASX: DYL)
The Deep Yellow share price is down 13% to 53.5 cents. Investors have been selling this uranium developer's shares amid reports that the Namibian government is seeking minority stakes in operations in the country. Deep Yellow has a number of projects in the southern African country.
Paladin Energy Ltd (ASX: PDN)
The Paladin Energy share price has crashed almost 20% to 53.5 cents. This has also been driven by the same news mentioned above. However, Paladin Energy's key asset is in the country, so the news could be a bigger blow. Paladin Energy's Langer Heinrich Mine, which is based in Namibia, is described as a proven tier one asset in the global nuclear fuel energy cycle.
Sayona Mining Ltd (ASX: SYA)
The Sayona Mining share price is down 13% to 18.2 cents. This morning, this lithium developer announced the completion of a $200 million institutional placement. These funds were raised at a 14.3% discount of 18 cents per new share. The funds will be used to expedite the development of Sayona's emerging northern Québec lithium hub.
Universal Store Holdings Ltd (ASX: UNI)
The Universal Store share price is down a further 2% to $2.85. Investors have been selling this youth fashion retailer's shares since the release of a surprisingly poor trading update. That update revealed that sales have been softening due to the cost of living crisis. Universal Store was expected to be relatively immune to the crisis due to its younger target demographic.
