In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record another decline. At the time of writing, the benchmark index is down 0.6% to 7,311.6 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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Aeris Resources Ltd (ASX: AIS)
The Aeris Resources share price is down a further 15% to 23 cents. Investors have been selling off this copper miner's shares this week following a very disappointing update. Aeris revealed that it is putting its Jaguar operation on care and maintenance due to forecast operating losses in FY 2024. The company has also taken out a $50 million working capital facility from major shareholder Washington H. Soul Pattinson and Co. Ltd (ASX: SOL) with very high interest rates.
Janus Henderson Group (ASX: JHG)
The Janus Henderson share price is down 4% to $42. This follows the release of the fund manager's quarterly update. Janus Henderson reported second-quarter operating income of US$117.9 million. This is down from US$143.9 million in the second quarter of FY 2022.
Lindian Resources Ltd (ASX: LIN)
The Lindian share price is down 13% to 36.5 cents. Investors have been selling this rare earths explorer's shares despite it releasing an impressive mineral resource estimate (MRE). Management notes that its MRE places its Kangankunde operation as one the world's largest rare earths deposits and positions it as a globally strategic resource for secure, long-term supply. This weakness could be a case of buy the rumour, sell the news.
Solvar Ltd (ASX: SVR)
The Solvar share price is down 33% to $1.16. This follows the release of a trading update from the automotive lending company. Solvar revealed that it expects to report a 7.8% decline in net profit after tax to $47.6 million for FY 2023. However, things will be much worse in FY 2024, with management guiding to a potential 50% decline in profits. It advised that "FY24 NPAT will be impacted by the full year cost of central banks rate rise cycle."
