In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is having another difficult session. At the time of writing, the benchmark index is down 1.1% to 6,907.9 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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Allkem Ltd (ASX: AKE)
The Allkem share price is down 2.5% to $10.82. Investors have been selling Allkem and other ASX lithium shares this week amid concerns over the outlook for the battery-making ingredient. This follows a broker note out of Bank of America warning that the lithium market could be oversupplied in 2024 and 2025.
Insignia Financial Ltd (ASX: IFL)
The Insignia share price is down 11.5% to $2.07. This follows news that the financial services company's CEO is stepping down in February by mutual agreement. Renato Mota is leaving the company after 20 years as a key organisational leader and five years as its CEO. Insignia, formerly known as IOOF, has commenced a search for its next CEO.
Liontown Resources Ltd (ASX: LTR)
The Liontown share price is down 29% to $1.98. Investors have been selling this lithium developer's shares after its takeover by Albemarle Corp (NYSE: ALB) collapsed and it raised capital. In respect to the latter, Liontown is raising the funds at a 35% discount of $1.80 per new share. Combined with debt funding, the company believes it is fully funded through to production at the Kathleen Valley Lithium Project.
Netwealth Group Ltd (ASX: NWL)
The Netwealth share price is down 4% to $13.08. This appears to have been driven by a broker note out of Citi. Its analysts have downgraded the investment platform provider's shares to a sell rating with a $13.45 price target. This follows the release of a quarterly update which fell well short of the broker's expectations.
