The S&P/ASX 200 Index (ASX: XJO) is having a tough session on Thursday following a hotter-than-expected US inflation reading. In afternoon trade, the benchmark index is down 0.5% to 7,811.4 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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AVITA Medical Inc (ASX: AVH)
The AVITA Medical share price is down almost 11% to $4.02. This follows the release of a first-quarter sales update from the regenerative medicine company. Management advised that it now expects commercial revenue to be in the range of US$11 million to US$11.3 million for the quarter. This compares to its previous guidance of US$14.8 million to US$15.6 million. The revision in guidance is attributable to a slower-than-expected conversion rate of new accounts for its expanded label of full-thickness skin defects.
Netwealth Group Ltd (ASX: NWL)
The Netwealth share price is down 5% to $19.24. This seems to have been driven by weakness in the tech sector today which has offset the release of the investment platform provider's quarterly business update. In respect to the latter, Netwealth's funds under administration (FUA) increased by $6.7 billion during the quarter to $84.7 billion. This comprises FUA net inflows of $2.7 billion and positive market movement of $4 billion.
Peninsula Energy Ltd (ASX: PEN)
The Peninsula Energy share price is down almost 7% to 11.2 cents. This morning, the uranium developer announced that Samuel Engineering has been appointed as contractor for engineering, procurement, and construction services for the expansion of the Ross Central Processing Plant at the Lance Uranium Project. Peninsula has also increased its funding requirement for the project to US$100 million. This is up US$5 million from previous estimates and compares to its current cash balance of US$49.6 million.
Zip Co Ltd (ASX: ZIP)
The Zip Co share price is down 5.5% to $1.30. This is despite there being no news out of the buy now pay later provider on Thursday. However, it is worth noting that the tech sector is under pressure today amid concerns that interest rate cuts could be some way off after the hotter-than-expected inflation reading in the United States. In addition, Zip's shares have been on fire recently, so profit-taking could be happening today. For example, the Zip share price remains up over 100% since the start of the year. This has been driven by its significantly improved operational performance.
