The S&P/ASX 200 Index (ASX: XJO) has started the week in a very disappointing fashion. At the time of writing, the benchmark index is down 2.9% to 7,714.6 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are sinking:
Image source: Getty Images
Alcoa Corporation (ASX: AAI)
The Alcoa Corporation share price is down 8% to $44.01. This follows the release of the aluminium miner's quarterly update. For the second quarter, Alcoa reported sales of US$2.9 billion but a profit of just US$20 million. Though, this is actually a big improvement on the prior corresponding period when it recorded a US$102 million loss. For the first half of FY 2024, sales came in at US$5,505 million with a loss of US$232 million. Alcoa recently landed on the ASX boards after acquiring Alumina Limited (ASX: AWC).
FBR Ltd (ASX: FBR)
The FBR share price is down almost 17% to 4 cents. This follows the completion of an institutional placement which saw the robotics company raise approximately $12.5 million before costs. This was through the issue of approximately 328.9 million shares at a price of 3.8 cents per new share, which is 20.8% discount to where they last traded. Management advised that the placement received strong support from new and existing institutional and sophisticated investors both at home and abroad. The proceeds of the placement will be used to provide additional working capital to deliver a number of key upcoming milestones.
Santos Ltd (ASX: STO)
The Santos share price is down almost 4% to $7.57. Investors have been selling Santos and other ASX energy shares today following a sharp decline in oil prices on Friday. According to Bloomberg, the WTI crude oil price was down 3.7% to US$73.52 a barrel and the Brent crude oil price was down 3.4% to US$76.81 a barrel. This was driven by concerns over the US economy and the prospect of a recession.
Wildcat Resources Ltd (ASX: WC8)
The Wildcat Resources share price is down over 9% to 22.2 cents. This is despite the lithium explorer announcing high grade intercepts at the Tabba Tabba Lithium Project near Port Hedland. Management notes that the "results continue to demonstrate thick, high grades at the Leia Pegmatite and a new high-grade zone at Chewy North." Tabba Tabba is near some of the world's largest hard-rock lithium mines. It is 47km from the Pilgangoora Project owned by Pilbara Minerals Ltd (ASX: PLS) and 87km from the Wodgina Project owned by Mineral Resources Ltd (ASX: MIN).
