The S&P/ASX 200 Index (ASX: XJO) is having a subdued finish to the week. In afternoon trade, the benchmark index is down 0.2% to 7,341.1 points.
Four ASX shares that are falling more than most are listed below. Here's why they are dropping:
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A2 Milk Company Ltd (ASX: A2M)
The A2 Milk share price is down almost 4% to $4.90. This could have been driven by an announcement from its dairy processor partner Synlait Milk Ltd (ASX: SM1). This morning, it said: "Subdued global economic activity continues to weigh down prices, and the slowdown of the Chinese economy and an increase in their domestic milk production also means China's demand for dairy imports has weakened to multi-season lows."
Azure Minerals Ltd (ASX: AZS)
The Azure Minerals share price is down almost 10% to $2.33. This is despite there being no news out of the lithium explorer. However, prior to today, its shares were up over 1,000% since the start of the year. This could have led to some profit-taking from investors during Friday's session.
Beach Energy Ltd (ASX: BPT)
The Beach Energy share price is down 3% to $1.67. This follows a pullback in oil prices overnight amid concerns over Chinese demand. In addition, earlier this week the company announced the immediate exit of its CEO, Morné Engelbrecht. No explanation was provided for why Engelbrecht is leaving in a hurry.
Lake Resources N.L. (ASX: LKE)
The Lake Resources share price is down 7% to 19.5 cents. This may also be a case of profit-taking from some investors. This embattled lithium developer's shares rocketed higher on Thursday for no apparent reason. Some shareholders may believe this was an opportunity to get out of this dog. The Lake share price is down almost 90% over the last 12 months.
