The S&P/ASX 200 Index (ASX: XJO) is out of form on Thursday. In afternoon trade, the benchmark index is down 0.6% to 7,031.1 points.
Four ASX shares that are falling more than most are listed below. Here's why they are dropping:
Appen Ltd (ASX: APX)
The Appen share price is down 34% to 62.5 cents. Investors have been selling the struggling artificial intelligence data services company's shares after it completed the institutional component of its capital raising. Appen raised the funds at a 42% discount of 55 cents per new share. These funds will be used to help the company return to profit.
Bowen Coking Coal Ltd (ASX: BCB)
The Bowen Coking Coal share price is down almost 8% to 12 cents. This morning, this coal miner announced the successful completion of the retail component of its $50 million capital raising. These funds were raised at 9 cents per share and will be used to provide Bowen with balance sheet flexibility to fund the ramp-up of mining at Ellensfield South Pit until it achieves steady-state production.
Nick Scali Limited (ASX: NCK)
The Nick Scali share price is down 7% to $10.77. Investors have been selling the furniture retailer's shares after it announced some major insider selling. According to the release, Nick Scali's managing director and CEO Anthony Scali has sold 4.6 million shares by way of a fully underwritten block trade.
Northern Star Resources Ltd (ASX: NST)
The Northern Star share price is down almost 3% to $11.58. A pullback in the gold price appears to be putting pressure on Northern Star's shares today. It isn't the only gold miner that is falling. In afternoon trade, the S&P/ASX All Ordinaries Gold index is down 1.2%.