Why Fletcher Building, Navigator Global, Siteminder, and Skycity shares are dropping today

These ASX shares are having a poor start to the week. But why?

| More on:
A young woman holds an open book over her head with a round mouthed expression as if to say oops as she looks at her computer screen in a home office setting with a plant on the desk and shelves of books in the background.

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

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a small decline. At the time of writing, the benchmark index is down 0.3% to 7,028.8 points.

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

Fletcher Building Ltd (ASX: FBU)

The Fletcher Building share price is down 9% to $4.06. Investors have been selling this building products company's shares after a home builder blamed it for plumbing failures that occurred in Perth between 2017 and 2022. The home builder estimates that it could cost $700 million to fix the issues. Fletcher Building denies that it is to blame and says the "evidence clearly points to installation as causation."

Navigator Global Investments Ltd (ASX: NGI)

The Navigator Global share price is down almost 5% to $1.33. This morning, this investment company released a quarterly assets under management (AUM) update. Although the company reported a small increase in its AUM, it seems that the market was expecting a stronger performance during the three months.

Siteminder Ltd (ASX: SDR)

The Siteminder share price is down almost 4% to $4.45. This follows the release of an investor presentation from the hotel software company this morning. Investors may be disappointed by the lack of a trading update from Siteminder in the presentation. However, that is likely to come at the end of the month when the company holds its annual general meeting.

Skycity Entertainment Group Ltd (ASX: SKC)

The Skycity share price is down almost 2.5% to $1.81. Investors have been selling this struggling casino and resorts operator's shares after it announced the exit of its CEO. According to the release, Michael Ahearne has decided to step down from the role at the end of March before returning to Europe. Ahearne has been SkyCity's CEO for a little under three years. *Correction. This article previously incorrectly named Star Entertainment instead of SkyCity.

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 SiteMinder. The Motley Fool Australia has positions in and has recommended SiteMinder. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Share Fallers

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 ASX, Brazilian Rare Earths, Liontown, and Sigma shares are sinking today

These shares are under pressure on Thursday. But why?

Read more »

A man sits in deep thought with a pen held to his lips as he ponders his computer screen with a laptop open next to him on his desk in a home office environment.
Share Fallers

Why did this ASX AI stock just crash 21%?

Investors just sent this ASX AI stock tumbling by more than 21%. But why?

Read more »

A male investor wearing a blue shirt looks off to the side with a miffed look on his face as the share price declines.
Share Fallers

Why Arafura Rare Earths, Bigtincan, Evolution Mining, and Galileo Mining shares are dropping

These shares are having a tough time on hump day.

Read more »

A woman sits with her hands covering her eyes while lifting her spectacles sitting at a computer on a desk in an office setting.
Share Fallers

Why Chalice Mining, Northern Star, Peninsula Energy, and Service Stream shares are sinking

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

Read more »

Investor looking at falling ASX share price on computer screen
Share Fallers

Can the Appen share price recover amid AI mania?

Once an ASX tech darling, Appen has fallen on hard times in recent years. Can it capitalise on the AI…

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 Beach Energy, Life360, Viva Leisure, and Wildcat shares are dropping today

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

Read more »

A man sits in despair at his computer with his hands either side of his head, staring into the screen with a pained and anguished look on his face, in a home office setting.
Share Fallers

Why Core Lithium, IDP Education, Seek, and Skycity shares are sinking today

These shares are having a very tough session on Thursday. But why?

Read more »

A man sits in despair at his computer with his hands either side of his head, staring into the screen with a pained and anguished look on his face, in a home office setting.
Share Fallers

2 ASX All Ords shares crashing 13% and 21% today on big news

Investors are sending these ASX All Ords stocks crashing on Thursday. But why?

Read more »