In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week with a small decline. The benchmark index is currently down slightly to 7,056.9 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
Accent Group Ltd (ASX: AX1)
The Accent share price is down 9% to $1.91. Investors have been selling this footwear retailer's shares following the release of a trading update. Accent revealed that its sales have been flat and its costs have been higher in FY 2024. Management blamed inflationary pressures.
Car Group Ltd (ASX: CAR)
The Car Group share price is down 4% to $28.20. This auto listings company, formerly known as Carsales, has come under pressure today after Amazon announced plans to expand into the market in the United States. Investors may fear that it will eventually enter the Australian auto listings market too.
Karoon Energy Ltd (ASX: KAR)
The Karoon Energy share price is down 5% to $2.04. This morning, this energy company announced the completion of the institutional component of a major capital raising. It has raised approximately $170 million from a placement and $214 million from an entitlement offer. These funds are being used to acquire the Who Dat and Dome Patrol fields.
Steadfast Group Ltd (ASX: SDF)
The Steadfast share price is down 2% to $5.21. This has also been driven by a capital raising. The insurance broker has raised $280 million via an institutional placement at $5.14 per new share. This represents a 5% discount to its last close price. The proceeds will be used to fund the upfront acquisition payment for Sure Insurance.