In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a very disappointing decline. At the time of writing, the benchmark index is down 1.4% to 7,203.8 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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Commonwealth Bank of Australia (ASX: CBA)
The Commonwealth Bank of Australia share price is down 3.5% to $99.95. This has been driven by a combination of weakness in the banking sector and its shares going ex-dividend this morning. Eligible CBA shareholders can now look forward to receiving the bank's fully franked $2.40 per share final dividend next month on 28 September.
FINEOS Corporation Holdings PLC (ASX: FCL)
The Fineos share price is down over 14% to $2.18. This morning, this core systems provider to the insurance industry announced the completion of a $40 million capital raising. The funds were raised at $2.25 per new share, which represents an 11.8% discount to its last close price.
Fletcher Building Ltd (ASX: FBU)
The Fletcher Building share price is down 8% to $4.67. Investors have been selling this building materials company's shares following the release of its FY 2023 results. Fletcher reported a net profit after tax of NZ$235 million for the 12 months. This is down from 45.5% from NZ$432 million in FY 2022.
Temple & Webster Group Ltd (ASX: TPW)
The Temple & Webster share price is down a further 9% to $5.96. This online furniture retailer's shares have come under pressure since the release of its FY 2023 results. Temple & Webster reported a 7.2% decline in revenue to $396 million and a 31% drop in net profit after tax to $8.3 million.
