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:

IGO Ltd (ASX: IGO)

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

Person pretends to types on laptop drawn in sand.
Share Gainers

Here are the top 10 ASX 200 shares today

ASX investors had a rough start to the week today.

Read more »

Happy man working on his laptop.
Broker Notes

Leading brokers name 3 ASX shares to buy today

Here's why brokers believe that now could be the time to snap up these shares.

Read more »

Two funeral workers with a laptop surrounded by cofins.
Broker Notes

Macquarie just forecast this ASX 300 dividend share could surge 37%. Here's why

Atop its passive income payouts, Macquarie expects this ASX dividend stock could leap 37% in a year.

Read more »

A person in a gorilla suit leaps really high holding a banana, nearly doing the splits.
Share Gainers

Up 1,238% in a year, why is this ASX gold stock surging again on Monday?

The ASX gold stock is now well into ten-bagger range and still rising fast today.

Read more »

A happy investor sits at his desk in front of his laptop and does the mexican wave with his arms to celebrate the returns from his ASX dividend shares
Share Gainers

Why EOS, Gorilla Gold, Lendlease, and OFX shares are charging higher today

These shares are starting the week on a positive note. But why?

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 Appen, DroneShield, Gentrack, and New Hope shares are dropping today

These shares are starting the week in the red. But why?

Read more »

An unhappy man in a suit sits at his desk with his arms crossed staring at his laptop screen as the PointsBet share price falls
Materials Shares

Does Macquarie rate James Hardie shares a buy, hold or sell?

The company is set to report FY25 earnings this week.

Read more »

A man looking at his laptop and thinking.
Industrials Shares

Which ASX 200 industrials stock does Macquarie expect to sink 40% over the next 12 months?

Can this name build it's way out of such negative sentiment?

Read more »