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:
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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.
