In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a disappointing decline. At the time of writing, the benchmark index is down 1% to 7,529.3 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are sinking:
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Fletcher Building Ltd (ASX: FBU)
The Fletcher Building share price is down over 7% to $3.43. This morning, Fletcher Building released its half-year results and reported a 1% decline in revenue to NZ$4,248 million and a net loss after tax of NZ$120 million. In addition, the building products company announced that its CEO, Ross Taylor, and chair, Bruce Hassall, will be standing down.
Graincorp Ltd (ASX: GNC)
The Graincorp share price is down almost 14% to $7.09. This follows the release of the grain exporter's guidance for FY 2024 at its annual general meeting. Graincorp expects underlying EBITDA in the range of $270 million to $310 million and underlying net profit after tax of $65 million to $95 million. This will be down from $565 million and $250 million, respectively, in FY 2023.
GUD Holdings Limited (ASX: GUD)
The GUD share price is down 8.5% to $11.00. This follows the release of the diversified products company's half-year results. GUD reported an 11.6% increase in underlying EBITA to $98 million thanks to strong growth from the APG business and the ongoing resilience of the Automotive business. However, it warned that its APG business will be impacted by "short-term deferrals of replenishment orders (Toyota)." This means that "H2 EBITA is expected to be slightly below H1."
Seek Ltd (ASX: SEK)
The Seek share price is down a further 6% to $24.07. This job listings company's shares have come under pressure since the release of its results on Tuesday. Not even a broker upgrade by Macquarie has stopped the rot. Its analysts upgraded Seek's shares to an outperform rating with a $29.00 price target this morning.
