Why BlueScope, Dexus, Gold Road, and Xero shares are sinking today

These ASX shares are having a very red day.

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The S&P/ASX 200 Index (ASX: XJO) is having a day to forget on Thursday. In afternoon trade, the benchmark index is down 1.6% to 7,197.7 points.

Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:

BlueScope Steel Limited (ASX: BSL)

The BlueScope share price is down almost 3% to $20.50. This may have been driven by a broker note out of Citi today. According to the note, the broker has downgraded this steel producer's shares to a neutral rating with a $23.50 price target.

DEXUS Property Group (ASX: DXS)

The DEXUS share price is down 4% to $7.87. Yesterday this property company revealed that it has reduced the value of its property portfolio by 6% or $1 billion. In addition, this morning the company declared its final dividend for FY 2023 of 23.6 cents per share. This is down from 25.2 cents per share a year earlier.

Gold Road Resources Ltd (ASX: GOR)

The Gold Road share price is down 9% to $1.59. Investors have been selling this gold miner's shares after it downgraded its production guidance for 2023. Gold Road is now guiding to an annual production of between 320,000 and 350,000 ounces (100% basis). This is down from its previous guidance of 340,000 to 370,000 ounces. Management advised that the reliability and utilisation of the production drills and availability of blasting resources have been below expectations.

Xero Limited (ASX: XRO)

The Xero share price is down 4% to $113.61. This follows significant weakness in the tech sector on Thursday following a poor night of trade on Wall Street's Nasdaq index. This has led to the S&P/ASX All Technology Index sinking 3% this afternoon.

Citigroup is an advertising partner of The Ascent, a Motley Fool company. Motley Fool contributor James Mickleboro has positions in Xero. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Xero. The Motley Fool Australia has positions in and has recommended Xero. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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