The S&P/ASX 200 Index (ASX: XJO) is on course to record a decline. In afternoon trade, the benchmark index is down 0.5% to 7,181 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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ASX Ltd (ASX: ASX)
The ASX share price is down 10% to $60.93. Investors have been hitting the sell button today after the stock exchange operator released an update at its investor day. At the event, management increased its cost guidance and lowered its payout ratio for FY 2024.
Baby Bunting Group Ltd (ASX: BBN)
The Baby Bunting share price is down 20% to $1.42. This follows the release of a very disappointing trading update from the baby products retailer. Baby Bunting revealed that it has experienced "unprecedentedly low" sales since starting its end of financial year promotional event. Given how much this contributes to its profits, management has been forced to downgrade its guidance materially.
Bowen Coking Coal Ltd (ASX: BCB)
The Bowen Coking Coal share price is down 23% to 17 cents. This follows the completion of the institutional component of the coal miner's $50 million capital raising this morning. Bowen Coking Coal is raising the funds via a $40 million placement to sophisticated or professional investors and a fully underwritten $10 million share purchase plan. These funds are being raised at a 23% discount of 17 cents per share.
EBOS Group Ltd (ASX: EBO)
The EBOS share price is down 10% to $34.04. This follows news that the company has lost a supply contract with Chemist Warehouse worth approximately $2 billion per year. The pharmacy giant has chosen Sigma Healthcare Ltd (ASX: SIG) for the contract.
