The S&P/ASX 200 Index (ASX: XJO) has followed Wall Street's lead and dropped into the red today. In afternoon trade, the benchmark index is down 0.15% to 7,687.2 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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Mirvac Group (ASX: MGR)
The Mirvac Group share price is down 9% to $1.92. Investors have been selling this property company's shares following the release of its FY 2024 results. Mirvac reported operating earnings per share of 14 cents per share for the 12 months. This is down 5% year on year. Unfortunately, things are expected to get even worse in FY 2025. Management revealed that it is targeting operating earnings per share of 12 cents to 12.3 cents. This will be a decline of 12% to 14% year on year.
Myer Holdings Ltd (ASX: MYR)
The Myer share price is down 7.5% to 77.7 cents. This has been driven by the release of a trading update from the department store operator. Myer revealed that it expects its total sales to be down 2.9% to $3,266 million for FY 2024. This is due to the closure of the Myer Brisbane City and Frankston stores, offsetting online and comparable store sales growth. And on the bottom line, the retailer expects to report a net profit after tax of $50 million to $54 million. This will be down 24% to 30% year on year. Management blamed this on the challenging consumer and trading environment, the impact of store closures, and inflationary cost pressures. It also highlights that three Myer Specialty Brands (sass & bide, Marcs and David Lawrence) significantly underperformed.
West African Resources Ltd (ASX: WAF)
The West African Resources share price is down 10% to $1.25. This follows news that a new mining code has been adopted for Burkina Faso. In addition, a new local content law has been adopted in the country. One key change under the new mining code includes increasing the state's free-carried equity interest in mining projects from 10% to 15%. However, the good news is that management believes this will only be applicable to new projects when mining licences are granted.
Wildcat Resources Ltd (ASX: WC8)
The Wildcat Resources share price is down 11% to 24 cents. This is despite there being no news out of the lithium explorer today. However, it is worth noting that Wildcat's shares were on fire on Wednesday and rocketed almost 20% higher. This was driven by a drilling update which revealed high-grade lithium results in multiple pegmatites.
