Why Dexus, Magellan, Westgold, and Woolworths shares are dropping today

These ASX shares are having a difficult session on Wednesday.

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The S&P/ASX 200 Index (ASX: XJO) is having a subdued session on Wednesday. In afternoon trade, the benchmark index is down slightly to 6,851.6 points.

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

Dexus (ASX: DXS)

The Dexus share price is down 3% to $6.72. This morning, this property company released its quarterly update. And while the company reported positive momentum across the platform, it seems to have fallen short of expectations.

Magellan Financial Group Ltd (ASX: MFG)

The Magellan share price is down 4% to $6.26. Investors have been selling this fund manager's shares after it announced the exit of its CEO. According to the release, chief executive David George, who only started last year, will be leaving by the end of this year. While Magellan seeks a replacement, its chair, Andrew Formica, will fill in as executive chair.

Westgold Resources Ltd (ASX: WGX)

The Westgold share price is down 4% to $1.95. This has been driven by the release of the gold miner's quarterly update. Westgold reported quarterly production of 63,104 ounces with an all-in sustaining cost of $1,935 per ounce. This puts the company on course to achieve the low end of its production guidance and the high end of its cost guidance in FY 2024.

Woolworths Group Ltd (ASX: WOW)

The Woolworths share price is down 2% to $35.65. This follows the release of the retail giant's quarterly update. Although Woolworths posted a 5.3% increase in total sales over the prior corresponding period to $17,224 million, this was short of expectations. Goldman Sachs said: "Group sales of A$17.2B came in -1.9% below GSe of A$17.5B largely due to AU B2B (A$1.1B, +1.5% YoY) miss on business exits."

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 Goldman Sachs Group. The Motley Fool Australia has no position in any of the stocks mentioned. 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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