The S&P/ASX 200 Index (ASX: XJO) is having a subdued session on Monday. In afternoon trade, the benchmark index is down slightly to 7,666.3 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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Arafura Rare Earths Ltd (ASX: ARU)
The Arafura Rare Earths share price is down over 10% to 21 cents. This is despite there being no news out of the rare earths developer. However, it is worth noting that its shares were on fire last week thanks to some huge news. This could mean that some investors are taking profit off the table on Monday. The announcement that got them excited was that the Commonwealth Government has conditionally approved a US$533 million debt finance package to support its Nolans Project in the Northern Territory.
Core Lithium Ltd (ASX: CXO)
The Core Lithium share price is down 10% to 16.2 cents. This appears to have been driven by the release of a broker note out of Macquarie this morning. According to the note, the broker has reaffirmed its neutral rating but slashed its price target on the lithium miner's shares by 25% to 15 cents (from 20 cents). Macquarie has downgraded its lithium price assumptions for the coming years.
Goodman Group (ASX: GMG)
The Goodman share price is down 3.5% to $29.77. This decline seems to have been driven by rising bond yields, which have reduced the appeal of property shares with investors. It isn't just Goodman shares that are falling today. At the time of writing, the S&P/ASX Real Estate index is down 1.9% on Monday afternoon. This makes it the worst performing area of the market.
Superloop Ltd (ASX: SLC)
The Superloop share price is down over 6% to $1.17. This has been driven by news that the telco has instructed its rival Aussie Broadband Ltd (ASX: ABB) to sell down its stake in the company. Superloop issued a notice under its constitution directing Aussie Broadband to dispose of approximately 37.6 million ordinary shares to reduce Aussie Broadband's voting power in Superloop to less than 12%. This is from 19.9% currently. Superloop advised: "The acquisition was made without the prior approval of the Info-communications Media Development Authority (IMDA) in Singapore, as required by Superloop's constitution." It is possible the selling has now commenced.
