The S&P/ASX 200 Index (ASX: XJO) is out of form on Wednesday and trading notably lower. In afternoon trade, the benchmark index is down 1.2% to 7,536.5 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
Image source: Getty Images
Block Inc (ASX: SQ2)
The Block share price is down almost 7% to $106.10. This follows a heavy decline from the Square and Afterpay owner's shares on Wall Street overnight. Its shares were caught up in a broad tech sell-off on Tuesday.
Brainchip Holdings Ltd (ASX: BRN)
The Brainchip share price is down 3% to 17.5 cents. This morning, the struggling semiconductor company announced yet another capital raising. However, it appears that no top-tier investment banks believe the company is investment grade. As a result, Brainchip has had to once again sign a new put option agreement with LDA Capital for a minimum of $12 million in funding. These funds will be used to help Brainchip try to compete "against well-capitalized and more established competitors in a highly competitive market."
Gold Road Resources Ltd (ASX: GOR)
The Gold Road share price is down almost 9% to $1.79. This has been driven by the release of an update on the 50% owned Gruyere gold operation. Management revealed that production in December was negatively impacted by unexpected labour availability issues. This meant the gold miner only marginally achieved the bottom end of its guidance range for the year.
Northern Star Resources Ltd (ASX: NST)
The Northern Star share price is down 3.5% to $13.24. This follows broad weakness in the gold sector on Wednesday following a pullback in the gold price overnight. Investors have been selling gold shares down indiscriminately, which has led to the S&P/ASX All Ordinaries Gold index falling 2.5% this afternoon.
