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 1% to 7,704.4 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are sinking:
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APA Group (ASX: APA)
The APA Group share price is down 4.5% to $7.95. This decline has been driven by the energy infrastructure company's shares going ex-dividend this morning. When this happens, it means the rights to an upcoming dividend are settled and new buyers won't be entitled to receive it. Last week, APA Group announced a final distribution of 29.5 cents per share for the six months ending 30 June 2024. This brought its distributions for the 2024 financial year to 56 cents per share. Eligible shareholders will have to wait a little time before they receive this final distribution. The company is planning to make its payment on 18 September.
Immutep Ltd (ASX: IMM)
The Immutep share price is down 22% to 34 cents. Investors have been selling this clinical-stage biotechnology company's shares following the release of topline results from the TACTI-003 Phase IIb Trial. That trial is evaluating eftilagimod alfa (efti) in combination with anti-PD-1 therapy Keytruda (pembrolizumab) as first-line treatment of recurrent/metastatic head and neck squamous cell carcinoma patients (1L HNSCC). While positive results were delivered, Immutep elected to not include a p-value with its trial results. This decision seems to have left investors believing that the results were not actually statistically significant and have been selling off its shares today.
National Australia Bank Ltd (ASX: NAB)
The National Australia Bank share price is down 1.5% to $35.77. This is despite there being no news out of the banking giant today. However, it is worth noting that most bank stocks are tumbling today in response to yesterday's hotter than expected inflation reading. Investors appear concerned that the Reserve Bank of Australia will be forced to increase interest rates, which could hurt borrowers and cause a spike in bad debts.
Transurban Group (ASX: TCL)
The Transurban share price is down 3.5% to $12.22. This has also been driven by the toll road operator's shares going ex-dividend this morning. Last week, Transurban announced a final distribution of 32 cents per share for the six months ending 30 June 2024. Eligible shareholders can look forward to receiving this dividend on 13 August. Alternatively, the company's distribution reinvestment plan is operational for this distribution.
