The S&P/ASX 200 Index (ASX: XJO) is having a day to forget on Wednesday following a selloff on Wall Street overnight. At the time of writing, the benchmark index is down 1.75% to 7,960.5 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are sinking:
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Cettire Ltd (ASX: CTT)
The Cettire share price is down 10% to $1.38. This is despite the online luxury products retailer revealing that its CEO has been buying shares through on-market trades this week. But with its shares up over 20% since this time last week despite today's decline, it's possible that some investors are taking a bit of profit off the table during this volatility.
Fortescue Ltd (ASX: FMG)
The Fortescue share price is down 8% to $16.25. This has been driven by the iron ore giant's shares going ex-dividend this morning for its fully franked final dividend. Last month, Fortescue released its full year results and reported an 8% increase in revenue to US$18,220 million and an 18% jump in net profit after tax to US$5,664 million. This allowed the company's board to declare a fully franked final dividend of 89 cents per share. Fortescue's shares have traded ex-dividend for this today, which means eligible shareholders can now look forward to pay day on 27 September. Based on yesterday's close price, this final dividend represents a generous 5% dividend yield.
REA Group Ltd (ASX: REA)
The REA share price is down a further 3% to $201.78. As well as being caught up in the market selloff today, this property listings company's shares have come under pressure this week after it revealed that it is looking at acquiring London-listed Rightmove (LSE: RMV). Given the size of the acquisition and the risks involved, some investors appear unsure whether it will add value. REA Group has until the end of the month to make a move or not.
Santos Ltd (ASX: STO)
The Santos share price is down 3% to $7.04. Investors have been selling Santos and other ASX energy stocks on Wednesday after the oil prices fell sharply overnight. According to Bloomberg, the WTI crude oil price was down 4.35% to US$70.33 a barrel and the Brent crude oil price was down 4.9% to US$73.74 a barrel. This was driven by concerns about rising supply and faltering demand. The S&P/ASX 200 Energy index is down 2.9% at the time of writing.
