In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is having a tough session and is on course to end it deep in the red. At the time of writing, the benchmark index is up 0.9% to 7,748.5 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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Arcadium Lithium (ASX: LTM)
The Arcadium Lithium share price is down 5% to $6.43. This follows a poor night for the lithium miner's shares on the NYSE on Thursday. Given how lithium stocks are at the very high end of the risk scale, they often fall hardest when markets become volatility. In addition, there are concerns that interest rates will remain higher for longer. This could put pressure on spending and ultimately electric vehicle sales, which would not be good news for lithium demand in an already oversupplied market.
Block Inc (ASX: SQ2)
The Block share price is down almost 4% to $114.11. This has also been driven by a poor night of trade for the payments company's shares on the NYSE on Thursday. In addition, the company has revealed some heavy insider selling this week. This includes from its CFO Ahuja Amrita. A change of ownership notice reveals that Amrita offloaded a total of 7,961 units at an average price of approximately US$78.63. This equates to a total consideration of approximately US$626,000 (A$950,000). And in other news, Morgan Stanley downgraded its US shares to an underweight rating with a US$62.00 price target.
Capricorn Metals Ltd (ASX: CMM)
The Capricorn Metals share price is down 4% to $5.27. This morning, this gold miner released its quarterly update and revealed a disappointing quarter on quarter production decline. According to the release, Capricorn's Karlawinda Gold Project in Western Australia achieved 26,017 ounces of gold production for the March quarter. This is down 14.5% from 30,399 ounces in the December quarter. Management blamed this on the negative impacts of heavy rainfall. It highlights that there was in excess of 280mm of rain in the quarter impacting open pit mining activities.
Kogan.com Ltd (ASX: KGN)
The Kogan.com share price is down 2.5% to $7.71. After the market close on Thursday, this ecommerce company revealed that it plans to pay its CEO and CFO a big cash bonus in place of their executive retention options. It explains: "Given the Company's strong Balance Sheet, ongoing on-market buyback and desire to avoid further dilution for Shareholders, the Board (excluding the Executive Directors) has exercised its discretion under the Company's Equity Incentive Plan (Plan) to make a payment to the CEO and CFO in lieu of allocation of Shares upon exercise of the Options."
