The S&P/ASX 200 Index (ASX: XJO) is on course to record another decline. In afternoon trade, the benchmark index is down 0.4% to 7,011.8 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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Brainchip Holdings Ltd (ASX: BRN)
The Brainchip share price is down over 10% to 17 cents. Investors have been selling off this struggling semiconductor's shares since Intel announced incredible new solutions in the same field as Brainchip. This adds to intense competition from a number of huge tech behemoths that spend billions on R&D each year. And with a lofty market capitalisation of $300 million, no revenue, significant ongoing cash burn, and a need for a capital raising in the near future, there could still be plenty more downside to come.
Evolution Mining Ltd (ASX: EVN)
The Evolution share price is down 3% to $3.34. This follows a pullback in the gold price overnight driven by rising bond yields and a stronger US dollar. It isn't just Evolution that is falling today. A number of gold shares are dropping with it. This has seen the S&P/ASX All Ordinaries Gold index fall 2%.
Fonterra Shareholders' Fund (ASX: FSF)
The Fonterra share price is down 10% to $2.98. This has been driven by the dairy company's shares going ex-dividend this morning. Eligible shareholders can now look forward to receiving this 31.3 cents per share dividend next month on 13 October.
Star Entertainment Group Ltd (ASX: SGR)
The Star share price is down over 16% to 62.7 cents. This morning, this casino and resorts operator announced the completion of the institutional component of its capital raising. Star raised a total of $565 million from investors at 60 cents per new share. This represents a sizeable 20% discount to its last close price. The company will now seek to raise $185 million via a retail entitlement offer.
