The S&P/ASX 200 Index (ASX: XJO) is having a difficult time on Friday. In afternoon trade, the benchmark index is down 1.3% to 7,358.1 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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Capricorn Metals Ltd (ASX: CMM)
The Capricorn Metals share price is down 8.5% to $4.41. This follows a pullback in the gold price and the release of this gold miner's quarterly update. Capricorn's quarterly performance means it achieved the mid-point of its production guidance in FY 2023. However, investors may be disappointed with management's outlook for the new financial year. It is guiding to flat production and higher costs.
FINEOS Corporation Holdings PLC (ASX: FCL)
The Fineos share price is down almost 7% to $2.23. This morning, this insurance software platform provider released its quarterly update and revealed that cash receipts were down 11.2% over the prior corresponding period.
Fortescue Metals Group Ltd (ASX: FMG)
The Fortescue share price is down 6% to $21.55. Investors have been selling this iron ore miner's shares since the release of its quarterly update. One broker that would be supportive of this selling is Goldman Sachs. This morning, its analysts reiterated their sell rating with a trimmed price target of $14.50.
Regis Resources Ltd (ASX: RRL)
The Regis Resources share price is down 8% to $1.71. This appears to have been driven partly by broad weakness in the gold industry today. This has seen the S&P/ASX All Ordinaries Gold index fall 3.3% this afternoon. In addition, UBS retained its neutral rating on its shares with a reduced price target of $1.90. It notes that Regis Resources' fourth-quarter costs and FY 2024 outlook missed expectations.
