The S&P/ASX 200 Index (ASX: XJO) is having another subdued session on Thursday. In afternoon trade, the benchmark index is down 0.3% to 7,097.8 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
Baby Bunting Group Ltd (ASX: BBN)
The Baby Bunting share price is in free fall and down a further 10% to $1.23. Investors have been selling this baby products retailer's shares this week following a very disappointing trading update. Baby Bunting advised that it has experienced "unprecedentedly low" sales since starting its end of financial year promotional event. Its shares are now down 32% this week.
Boral Limited (ASX: BLD)
The Boral share price is down 5% to $3.96. Investors have been selling this building materials company's shares following the release of a trading update. While management now expects its second-half earnings to be ahead of its first-half earnings, instead of being in line, this was largely factored in. Consensus estimates were for half on half growth of 11%. Some investors may feel this vague guidance falls short of this.
Platinum Asset Management Ltd (ASX: PTM)
The Platinum share price is down over 6% to $1.65. Investors have been hitting the sell button after Platinum revealed that its funds under management (FUM) fell during May. Platinum experienced net outflows of approximately $324 million during the month. Combined with unfavourable market movements, this left Platinum with FUM of $17,966 million, down from $18,440 million.
Xero Limited (ASX: XRO)
The Xero share price is down 5.5% to $105.97. This follows broad weakness in the tech sector today following a poor night on Wall Street's NASDAQ index. It isn't just Xero falling, the whole tech sector is a sea of red. This has seen the S&P/ASX All Technology index drop 2.2% this afternoon.
