Why Austal, Chalice Mining, Fortescue, and Mayne Pharma shares are dropping today

These ASX shares are under pressure on Friday.

| More on:
A man looks down with fright as he falls towards the ground.

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

The S&P/ASX 200 Index (ASX: XJO) is having a poor session. In afternoon trade, the benchmark index is down 0.25% to 7,286.8 points.

Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:

Austal Ltd (ASX: ASB)

The Austal share price is down almost 7% to $1.82. This appears to have been driven by a broker note out of Macquarie this morning. Its analysts have downgraded this shipbuilder's shares to a neutral rating and slashed the price target on them to $1.95. The broker was disappointed with Austal's performance in FY 2023.

Chalice Mining Ltd (ASX: CHN)

The Chalice Mining share price is down a further 10.5% to $3.19. Investors have sold off this mineral exploration company's shares this week following the release of the scoping study for the Gonneville Nickel-Copper-PGE Project. The market appears disappointed with its plan to commence production in 2029 and sceptical over its commodity price assumptions. The study assumes prices that are higher than current levels despite it being almost impossible to forecast that far out.

Fortescue Metals Group Ltd (ASX: FMG)

The Fortescue share price is down 5% to $20.41. This follows news that another of the iron ore miner's executives has resigned. This appears to have rattled investors and seems to suggest that all is not well behind the scenes at the company.

Mayne Pharma Group Ltd (ASX: MYX)

The Mayne Pharma share price is down a further 9% to $3.33. This pharmaceutical company's shares have come under pressure since the release of its full-year results this week. Those results revealed that Mayne Pharma posted a massive net loss after tax of $317.4 million for FY 2023.

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 Austal. 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

Modern accountant woman in a light business suit in modern green office with documents and laptop.
Share Market News

This ASX lithium stock is down 79% in 2024, and a director just bought 300,000 shares

This lithium director just bought the dip in a big way.

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 DroneShield, South32, Whitehaven Coal, and Woodside shares are tumbling today

These shares are under pressure on Monday. But why?

Read more »

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 Aurelia Metals, Australian Ethical, Lifestyle Communities, and Regis Resources shares are falling

These shares are falling heavily with the market. But why?

Read more »

senior couple disappointed and sad at their financial situation
Share Fallers

Down 26% in 5 days, why is this ASX 200 real estate stock crashing again today?

Investors are displeased with the latest announcement from the ASX 200 real estate stock.

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 Alumina, Domino's, DroneShield, and WiseTech shares are sinking today

These shares are having a tough session on Thursday. Why are investors selling their shares?

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 Deep Yellow, DroneShield, Mount Gibson Iron, and Praemium shares are falling

These shares aren't having a good time on hump day. What's going on?

Read more »

woman holding man's hand as he falls representing ups and downs of ASX investing
Share Fallers

What's next for Droneshield stock after Tuesday's 22% drop

DroneShield shares crashed yesterday. What's next for the company?

Read more »

drone stuck in a tree representing crashing Aerometrix share price
Share Fallers

Big ASX news! DroneShield share price crashes 31%

DroneShield shares are enduring a stunning fall from grace today.

Read more »