In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week deep in the red. At the time of writing, the benchmark index is down 1.25% to 7,587.2 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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BHP Group Ltd (ASX: BHP)
The BHP share price is down over 4% to $43.23. This follows news that the Big Australian has made an approach to acquire Anglo American (LSE: AAL). BHP has made an all scrip offer that values the miner at 31.1 billion pounds (~A$60 billion). If the deal goes through, it would create the largest copper miner in the world. However, judging by the performance of BHP's shares today, it seems that the market isn't overly keen on the proposed deal.
Lynas Rare Earths Ltd (ASX: LYC)
The Lynas Rare Earths share price is down 2.5% to $6.23. This appears to have been driven by a broker note out of Citi. According to the note, the broker has downgraded the rare earths producer's shares to a sell rating from neutral. Its analysts have also cut their price target from $6.70 to $5.30. This implies a potential downside of 15% from current levels. The broker isn't feeling positive about rate earths prices and expects further declines in the coming years. This is being driven by strong production growth in China.
Metals X Ltd (ASX: MLX)
The Metals X share price is down 6% to 44.2 cents. Investors have been selling this tin producer's shares following the release of its quarterly update. Management advised that a lower-than-planned grade of ore mined and milled impacted its tin production for the quarter. The company's 50% owned Renison project produced 2,272 tonnes of tin-in-concentrate during the quarter. This is down 16.3% compared to the prior corresponding period.
Super Retail Group Ltd (ASX: SUL)
The Super Retail share price is down 4% to $14.31. This follows the release of an announcement that revealed that accusations have been laid against its CEO, Anthony Heraghty, and a former executive. The accusations are from two other former employees who are jointly claiming loss and damage in the range of $30 million to $50 million. The allegations include "the non-disclosure of a relationship between Anthony Heraghty, the Group Managing Director & Chief Executive Officer, and the former Chief Human Resources Officer; inappropriate company travel; bullying, victimisation and adverse treatment; particular employees in the corporate team having unreasonable workloads, insufficient resources and restricted access to information; and unsatisfactory company record management." A board review and investigations concluded that none of the allegations are substantiated.
