Why Macquarie, Orora, Pointsbet, and Sonic shares are dropping today

About Latest Posts James MickleboroJames Mickleboro has been a Motley Fool contributor since late 2015. After studying economics at university …

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is out of form and has dropped into the red. The benchmark index is currently down 0.5% to 7,275.3 points.

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

Macquarie Group Ltd (ASX: MQG)

The Macquarie share price is down over 2% to $172.77. This follows the release of a trading update from the investment bank this morning. While almost all its short-term outlook remains the same, Macquarie has warned that it now expects Macquarie Asset Management's asset realisations to be predominately in the second half.

Orora Ltd (ASX: ORA)

The Orora share price is down 17% to $2.92. This has been driven by news that the packaging company has completed the institutional component of its capital raising. Orora raised approximately $1,118 million at a 21.3% discount of $2.70 per new share. The funds will be used for the acquisition of Saverglass SAS for $2.156 billion.

Pointsbet Holdings Ltd (ASX: PBH)

The Pointsbet share price is down 55% to 74.5 cents. This morning, this sports betting company's shares traded ex-capital return. Following the initial completion of the sale of its US business, Pointsbet is returning $1 per share to shareholders later this month. A second capital return will follow once the sale is completed in full.

Sonic Healthcare Ltd (ASX: SHL)

The Sonic Healthcare share price is down over 3% to $31.34. This has been driven by the healthcare company's shares going ex-dividend this morning. Eligible shareholders can now look forward to receiving Sonic's 62 cents per share fully franked final dividend in their bank accounts 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 Macquarie Group and PointsBet. The Motley Fool Australia has positions in and has recommended Macquarie Group. The Motley Fool Australia has recommended Orora and Sonic Healthcare. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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