The S&P/ASX 200 Index (ASX: XJO) is under pressure ahead of the Reserve Bank's meeting. In afternoon trade, the benchmark index is down 0.4% to 6,967.3 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
Chalice Mining Ltd (ASX: CHN)
The Chalice Mining share price is down 5% to $1.81. This is despite the mineral exploration company releasing a positive update on the Gonneville Project. However, it also reminded investors that production is a long way off. It has commenced the pre-feasibility study (PFS) for the project, with a targeted completion date of mid-2025. It will then need to complete a definitive feasibility study and construction.
Chrysos Corporation Ltd (ASX: C79)
The Chrysos share price is down 5% to $6.78. This morning, this mining industry technology solutions company completed an institutional placement. Chrysos has received firm commitments for a $75 million placement at an offer price of $6.60 per new share. This represents a discount of 7.7% to its last close price.
GQG Partners Inc (ASX: GQG)
The GQG share price is down 2.5% to $1.34. This follows the release of the fund manager's latest funds under management (FUM) update. GQG revealed that its FUM fell 1.8% during October to US$103.9 billion.
Westpac Banking Corp (ASX: WBC)
The Westpac share price is down almost 3% to $21.30. This may have been driven by a mixed response to the bank's FY 2023 results from brokers. Macquarie has retained its neutral rating and $20.50 price target on the company's shares, whereas Morgans downgraded its shares to a hold rating with a $21.58 price target.