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 1.1% to 7,948.9 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
Aurelia Metals Ltd (ASX: AMI)
The Aurelia Metals share price is down 4.5% to 20.5 cents. This follows the release of an update on the gold miner's Federation Project. Management advised that the underground mine development at Federation recommenced in early July and has now returned to 24-hour development activity in the first stope production area in the upper levels of the mine. The project has been impacted significantly by heavy rainfall this year. In an effort to limit further disruption, Aurelia Metals revealed that construction of a 230 megalitre water management dam is underway and expected to be completed early in the second quarter of FY 2025.
Australian Ethical Investment Ltd (ASX: AEF)
The Australian Ethical share price is down 2% to $4.14. This follows the release of the fund manager's latest funds under management (FUM) update this morning. Australian Ethical revealed that it achieved positive net flows of $211 million during the June quarter. However, its investment performance was disappointing and negatively impacted its FUM by $106 million. At the end of the period, the company's FUM reached $10.44 billion.
Lifestyle Communities Ltd (ASX: LIC)
The Lifestyle Communities share price is down 13% to $9.58. Investors have been selling the retirement communities company's shares after it released a trading update and withdrew its forward-looking guidance. In respect to the latter, management has removed its guidance in response to recent undesirable media coverage. It said: "Lifestyle Communities announces that all forward-looking guidance it has previously provided is withdrawn due to the difficulty in quantifying the impact the uncertainty caused by recent media coverage might have on future sales and settlements."
Regis Resources Ltd (ASX: RRL)
The Regis Resources share price is down 3% to $1.90. Investors have been selling Regis Resources and other ASX gold shares today in response to a pullback in the gold price overnight. This has seen the S&P/ASX All Ordinaries Gold index drop 2.2% this afternoon. Though, it is worth noting that this gold index remains up almost 24% over the last six months. The same cannot be said for Regis Resources' shares, which continue to trail the index by some distance. They are now down 8% over the past six months.
