The S&P/ASX 200 Index (ASX: XJO) looks set to continue its losing streak on Monday. In afternoon trade, the benchmark index is down 0.5% to 7,063.7 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
Appen Ltd (ASX: APX)
The Appen share price is down almost 13% to $2.27. This follows news that the artificial intelligence data services company's chief financial officer (CFO) is stepping down. The shock resignation of Helen Johnson comes after less than two months with the struggling company. Johnson commenced in the role on 1 May.
Leo Lithium Ltd (ASX: LLL)
The Leo Lithium share price is down 5% to $1.08. Investors have been selling ASX lithium shares today following a poor night of trade for their peers on Wall Street on Friday. Leo Lithium appears to be falling more than most due to its strong gains recently. Even after today's decline, its shares are up 48% since this time last month.
New Hope Corporation Limited (ASX: NHC)
The New Hope share price is down 4% to $4.83. This morning, analysts at Macquarie downgraded this coal miner's shares to an underperform rating with a reduced price target of $4.50. The broker made the move after revising its near-term thermal coal prices lower.
Perenti Ltd (ASX: PRN)
The Perenti share price is down 9% to $1.16. Investors don't appear pleased with the mining services company's decision to acquire DDH1 Ltd (ASX: DDH). Perenti has agreed to a $410 million takeover of the drilling services company. This will see DDH1 shareholders receive 12.38 cents in cash together with 0.7111 Perenti shares per DDH1 share.
