The S&P/ASX 200 Index (ASX: XJO) is having a subdued finish to the week. In afternoon trade, the benchmark index is down 0.3% to 7,728.6 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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Core Lithium Ltd (ASX: CXO)
The Core Lithium share price is down 4% to 9 cents. This is despite there being no news out of the lithium miner today. However, it is worth noting that most lithium shares are falling again on Friday following yet another red session for their peers on Wall Street. This latest decline means that Core Lithium's shares are now down over 90% since this time last year. They have also hit a new multi-year low on Friday.
Deterra Royalties Ltd (ASX: DRR)
The Deterra Royalties share price is down 7% to $4.14. While this mining royalties company has announced a major acquisition, this has been overshadowed by a second announcement. The latter announcement reveals that Deterra Royalties is making a major change to its dividend policy. At present, it pays out 100% of net profit after tax. However, from FY 2025, the company will change its target payout ratio to a minimum of 50% of its profits.
Northern Star Resources Ltd (ASX: NST)
The Northern Star Resources share price is down 3% to $13.30. This follows a reasonably sharp pullback in the gold price overnight which is weighing on the industry today. This has seen the S&P/ASX All Ordinaries Gold index fall by 2% this afternoon. Traders appear to have been selling gold to take profit after a decent run.
Opthea Ltd (ASX: OPT)
The Opthea share price is down 23% to 37.5 cents. This follows news that the retinal disease focused clinical-stage biopharmaceutical company has successfully completed the institutional component of its capital raising. Optea's institutional entitlement offer raised approximately $161.5 million at a discount of 40 cents per new share. Eligible institutional shareholders took up approximately 61.4% of their entitlements, with the shortfall placed to both new and existing institutional shareholders and to the underwriter. The proceeds from the capital raising will be used to fund the company through the anticipated Phase 3 topline data readouts. CEO Frederic Guerard said: "We appreciate the strong support from our shareholders, and from new investors, who share our belief that sozinibercept has the potential to transform patient outcomes with superior vision gains, which continues to be a significant unmet need in wet AMD."
