Why IGO, Leo Lithium, Medibank, and Novonix shares are dropping today

These ASX shares are taking a tumble on Wednesday.

| 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) has followed Wall Street's lead and dropped into the red. In afternoon trade, the benchmark index is down 0.8% to 7,149.3 points.

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


The IGO share price is down over 6% to $13.29. This has been driven largely by the battery materials producer's shares going ex-dividend this morning for its final and special dividends. Eligible shareholders can look forward to receiving its fully franked final dividend of 44 cents per share and special dividend of 16 cents per share later this month on 28 September.

Leo Lithium Ltd (ASX: LLL)

The Leo Lithium share price is down 4.5% to 49.2 cents. Investors have been selling this lithium developer's shares this month due to concerns over regulatory risks in Mali. This has seen the Leo Lithium share price drop 60% over the last two months.

Medibank Private Ltd (ASX: MPL)

The Medibank share price is down almost 3% to $3.49. This has also been driven by the private health insurer's shares going ex-dividend this morning. Eligible shareholders can look forward to receiving its fully franked 8.3 cents per share final dividend on 5 October.

Novonix Ltd (ASX: NVX)

The Novonix share price is down 5% to 71 cents. This means that the battery materials technology company's shares have now given back all of yesterday's gains and dropped to a new 52-week low. Novonix's shares are down a very disappointing 70% over the last 12 months. Investors don't appear to see the company becoming profitable any time soon.

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 no position in any of the stocks mentioned. 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 Market News

A woman with a broad smile on her face holds up ten fingers.
Share Market News

Here are the top 10 ASX 200 shares today

It was another happy day for most ASX 200 shares this Wednesday.

Read more »

Two CEOs shaking hands on a deal.
Mergers & Acquisitions

Wesfarmers share price rises amid latest acquisition news

The company has completed its latest acquisition.

Read more »

a woman holds a facebook like thumbs up sign high above her head. She has a very happy smile on her face.
Broker Notes

Why Bell Potter just upgraded this ASX 200 share to a buy rating

This share is exposed to structural growth tailwinds according to its analysts.

Read more »

A happy male investor turns around on his chair to look at a friend while a laptop runs on his desk showing share price movements
Broker Notes

Top brokers name 3 ASX shares to buy today

Here's what brokers are recommending as buys this week.

Read more »

A male doctor wearing a white doctor's coat shrugs and holds his hands up to indicate the unimpressive CSL share price as a result of OOVID-19
Share Market News

Here's why you might have just bought Healius shares

Two of the most popular super funds just loaded up on this healthcare stock.

Read more »

A woman sits at her computer with her hand to her mouth and a contemplative smile on her face as she reads about the performance of Allkem shares on her computer

These 2 ASX 200 shares just hit 52-week lows: I rate them as buys

These two stocks look too cheap to miss!

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 Core Lithium, Deep Yellow, EML, and Wildcat shares are falling today

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

Read more »

A young woman wearing overalls and a yellow t-shirt kicks one leg in the air showing excitement over the latest ASX 200 shares to hit 52-week highs
Share Gainers

Why Evolution, Fisher & Paykel, IDP Education, and Temple & Webster shares are jumping

These ASX shares are having a strong session on hump day. But why?

Read more »