Why Brickworks, Bowen Coking Coal, Latin Resources, and Soul Patts shares are dropping

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

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The S&P/ASX 200 Index (ASX: XJO) is having a volatile day on Thursday. In afternoon trade, the benchmark index has slipped into the red and is down 0.1% to 7,021.1 points.

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

Brickworks Limited (ASX: BKW)

The Brickworks share price is down 7% to $23.96. Investors have been selling this building products company's shares after it posted a sharp decline in profits for FY 2023. Brickworks reported a 32% decline in underlying net profit after tax to $508 million. One positive was that it still increased its dividend again.

Bowen Coking Coal Ltd (ASX: BCB)

The Bowen Coking Coal share price is down 16% to 13 cents. This morning, this coal miner revealed that its Bluff Mine is transitioning to care and maintenance. Management believes the suspension of mining at Bluff Mine prior to the wet season will allow the company to focus on its flagship Burton Mine Complex, where lower mining costs, infrastructure advantages, and rising coking coal prices will deliver stronger returns on investment.

Latin Resources Ltd (ASX: LRS)

The Latin Resources share price is down almost 10% to 23.5 cents. This follows the release of the lithium developer's technical and financial study for its Colina Lithium Project in Brazil. While the study demonstrates strong outcomes for the company, investors may be concerned by some of the assumptions. For example, Latin Resources expects a weighted average life of mine spodumene concentrate price (5.5%) of US$1,699 per tonne. Goldman Sachs is expecting a long-term price of US$1,000 per tonne for higher grade 6% spodumene.

Washington H. Soul Pattinson and Co. Ltd (ASX: SOL)

The Soul Patts share price is down almost 7% to $31.70. Investors have been hitting the sell button today after the investment company released its FY 2023 results. Soul Patts reported a 9% decline in regular profit to $759.3 million.

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 Brickworks and Washington H. Soul Pattinson and Company Limited. The Motley Fool Australia has positions in and has recommended Brickworks and Washington H. Soul Pattinson and Company Limited. 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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