Why AGL, Appen, Downer, and Rio Tinto shares are sinking today

These ASX shares are having a rough session. But why?

| More on:
Three guys in shirts and ties give the thumbs down.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to post a small gain. The benchmark index is currently up 0.1% to 7,347.9 points.

Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:

AGL Energy Limited (ASX: AGL)

The AGL share price is down 4% to $11.11. Investors have been selling this energy retailer's shares after it posted a large statutory loss for FY 2023. This ~$1.3 billion loss overshadowed strong underlying profit growth over the 12 months. AGL's underlying profit increased 24.9% to $281 million. This was at the top end of its guidance range of $255 million to $285 million.

Appen Ltd (ASX: APX)

The Appen share price is down almost 6% to $2.03. This is despite there being no news out of the artificial intelligence data services company. This latest decline means that Appen's shares are nearly at a new 52-week low and have lost almost half their value since early June. Investors appear concerned that another poor update is coming later this month from the struggling company.

Downer EDI Ltd (ASX: DOW)

The Downer share price is down almost 7% to $4.09. This has been driven by the release of the industrial services provider's full-year results. Downer reported a very disappointing loss after tax of $385.7 million for FY 2023. This loss was impacted by $541.5 million of impairment charges primarily relating to impairment of goodwill in the Utilities and Facilities businesses.

Rio Tinto Ltd (ASX: RIO)

The Rio Tinto share price is down almost 3% to $109.82. This morning, this mining giant's shares traded ex-dividend for its latest payout. Eligible shareholders can now look forward to receiving Rio Tinto's interim dividend of US$1.77 (A$2.60) per share next month on 21 September.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Appen. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Share Fallers

a business man in a suit holds his hand over his eyes as he bows his head in a defeated post suggesting regret and remorse.
Share Fallers

Why Core Lithium, Deterra Royalties, Northern Star, and Opthea shares are dropping

These shares are ending the week deep in the red. But why?

Read more »

A young male investor wearing a white business shirt screams in frustration with his hands grasping his hair after ASX 200 shares fell rapidly today and appear to be heading into a stock market crash
Share Fallers

Why ASX, Brazilian Rare Earths, Liontown, and Sigma shares are sinking today

These shares are under pressure on Thursday. But why?

Read more »

A man sits in deep thought with a pen held to his lips as he ponders his computer screen with a laptop open next to him on his desk in a home office environment.
Share Fallers

Why did this ASX AI stock just crash 21%?

Investors just sent this ASX AI stock tumbling by more than 21%. But why?

Read more »

A male investor wearing a blue shirt looks off to the side with a miffed look on his face as the share price declines.
Share Fallers

Why Arafura Rare Earths, Bigtincan, Evolution Mining, and Galileo Mining shares are dropping

These shares are having a tough time on hump day.

Read more »

A woman sits with her hands covering her eyes while lifting her spectacles sitting at a computer on a desk in an office setting.
Share Fallers

Why Chalice Mining, Northern Star, Peninsula Energy, and Service Stream shares are sinking

These shares are starting the week deep in the red. But why?

Read more »

Investor looking at falling ASX share price on computer screen
Share Fallers

Can the Appen share price recover amid AI mania?

Once an ASX tech darling, Appen has fallen on hard times in recent years. Can it capitalise on the AI…

Read more »

A woman with a sad face looks to be receiving bad news on her phone as she holds it in her hands and looks down at it.
Share Fallers

Why Beach Energy, Life360, Viva Leisure, and Wildcat shares are dropping today

These shares are ending the week in the red. But why?

Read more »

A man sits in despair at his computer with his hands either side of his head, staring into the screen with a pained and anguished look on his face, in a home office setting.
Share Fallers

Why Core Lithium, IDP Education, Seek, and Skycity shares are sinking today

These shares are having a very tough session on Thursday. But why?

Read more »