Why CBA, Fineos, Fletcher Buildings, and Temple & Webster shares are dropping today

These ASX shares are under pressure on Wednesday.

| More on:
A worried man holds his head and look at his computer.

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 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:

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.

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 Temple & Webster Group. The Motley Fool Australia has recommended FINEOS Corporation and Temple & Webster Group. 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 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 Cettire, DroneShield, St Barbara, and Star shares are dropping today

These ASX shares are having a tough time on Monday. But why?

Read more »

Woman in dress sitting in chair looking depressed
Consumer Staples & Discretionary Shares

Cettire share price plunges 6% after major investor pulls the plug

A 'red flag' triggered this investment company to sell out completely.

Read more »

A skydiving man in a jester hat and carrying a burger and sauce, pokes out his tongue at the camera, indicating all is not lost when you're falling.
Technology Shares

Why is the Droneshield share price crashing 19% on Monday?

Investors are sending shares in Droneshield down 19% in morning trade.

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 COG, Karoon Energy, Netwealth, and Pilbara Minerals shares are dropping today

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

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 Evolution Mining, Karoon Energy, ResMed, and Sayona Mining shares are dropping today

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

Read more »

A young woman wearing a blue and white striped t-shirt blows air from her cheeks and looks up and to the side in a sign of disappointment after the ASX shares she owns went down today
Share Fallers

Why Australian Strategic Materials, Boral, Dubber, and Macquarie Technology are falling today

These shares are having a tough hump day. But why?

Read more »

a sad gambler slumps at a casino table with hands on head and a large pile of casino chips in the foreground.
Share Fallers

'Catastrophic' risk: Why Star shares have lost 25% in 4 days

The outcome of this inquiry could determine whether Star Entertainment hits Blackjack or bust.

Read more »

A male investor erupts into a tantrum and holds his laptop above his head as though he is ready to smash it, as paper flies around him, as he expresses annoyance over so many new 52-week lows in the ASX 200 today
Share Fallers

Why Domino's, Macmahon, Star, and Zip shares are sinking today

These ASX shares are falling more than most today.

Read more »