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 0.8% to 7,928.1 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
Brainchip Holdings Ltd (ASX: BRN)
The Brainchip share price is down 6% to 19.2 cents. Last week, this struggling semiconductor company announced a $22 million capital raising and accompanying $3 million share purchase plan. These funds are being raised at 19.2 cents per new share. Brainchip also released its quarterly update and revealed that it generated cash receipts of just US$48,000 during the three months. This was despite spending over US$3.9 million on operating activities.
Fortescue Ltd (ASX: FMG)
The Fortescue share price is down 9% to $18.54. This has been driven by news that a large institutional investor is selling down its stake. While it is unclear who is doing the selling, records show that 100 million shares were sold this morning for a total consideration of $1.855 billion. This represents an average of $18.55 per share, which was a sizeable 8.8% discount to its last close price. Someone appears to have wanted to get out in a hurry. This could possibly be due to the company's ESG credentials taking a hit following the abrupt de-prioritisation of its green hydrogen dream.
Perseus Mining Ltd (ASX: PRU)
The Perseus Mining share price is down 5% to $2.45. This morning, this gold miner released its quarterly update. Perseus reported a 5.1% decline in gold recovered and a 7.5% increase in all-in site costs. Though, this couldn't stop Perseus Mining from delivering notional operating cashflow of US$117 million for the quarter and US$490 million for FY 2024.
Star Entertainment Group Ltd (ASX: SGR)
The Star Entertainment share price is down 5% to 55.5 cents. Investors appear to have been taking profit today after a strong gain on Monday. It seems that some investors believed the casino and resorts operator was a takeover target. However, this morning, the company revealed that there was nothing to report. When quizzed by the ASX over the strong gain, Star Entertainment replied: "SGR is not currently aware of any information concerning it that has not been previously announced to the market which could be an explanation for the recent trading in SGR securities." Star Entertainment shares are down over 40% since this time last year.
