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 0.45% to 7,716 points
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
Boss Energy Ltd (ASX: BOE)
The Boss Energy share price is down 1.5% to $5.60. This follows broad weakness in the uranium industry today which has seen most uranium shares drop into the red. Not even a bullish broker note out of Macquarie has been able to keep Boss Energy shares from falling today. This morning, the broker retained its outperform rating and $6.00 price target on the company's shares. With potential output of 3 million pounds annually, Macquarie believes Boss Energy is well-positioned to benefit from strong uranium prices.
Meteoric Resources NL (ASX: MEI)
The Meteoric Resources share price is down 7% to 19.5 cents. Investors have been selling this rare earths developer's shares following the release of an updated mineral resources estimate for its Caldeira Project in Brazil. The company announced a 150% increase in the resource estimate to 545 million tonnes (Mt) at 2,561 parts per million (ppm) total rare earth oxides (TREO). It seems that the market was expecting an even larger increase. Nevertheless, management was pleased and described it as "an outstanding result."
Pantoro Ltd (ASX: PNR)
The Pantoro share price is down 7% to 8 cents. This has been driven by the completion of the gold miner's capital raising this morning. Pantoro has received firm commitments for an upsized institutional two-tranche placement of new fully paid ordinary shares to raise $100 million before costs. The company is raising the funds at a 7% discount of 8 cents per new share. Proceeds will be applied to restructure Pantoro's balance sheet. In addition, the company will accelerate exploration and resource definition drilling programmes focused on establishing a third high grade underground mine. It will also commence studies for the re-commencement of mining in the high-grade Norseman Mainfield.
Worley Ltd (ASX: WOR)
The Worley share price is down 2% to $15.07. This follows the release of a trading update from the engineering company at its investor day event. It seems that the market was expecting a guidance upgrade. However, Worley has stated that "the outlook presented at H1 FY24 results remains consistent with what we're expecting for FY24, subject to no deterioration in current market conditions."
