The S&P/ASX 200 Index (ASX: XJO) has followed Wall Street's lead and dropped into the red on Monday. At the time of writing, the benchmark index is down 0.4% to 8,231.4 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping on Monday:
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APA Group (ASX: APA)
The APA Group share price is down almost 4% to $6.94. This decline isn't due to the release of bad news or a broker downgrade. Rather, this weakness has been caused by the energy infrastructure company's shares going ex-dividend this morning for its latest payout. APA recently declared an interim dividend of 27 cents per share. It has gone ex-dividend for this today, with eligible shareholders scheduled to receive this payout in two and a half months on 17 March. This equates to a 3.75% dividend yield based on its last close price.
Block Inc (ASX: SQ2)
The Block Inc share price is down 2.5% to $143.03. This follows a pullback in the payments company's US listed shares on Friday night. The Afterpay and CashApp owner's shares were caught up in a tech selloff at the end of last week. But longer term shareholders won't be too disheartened. That's because Block Inc's shares remain up by over 25% since this time last year.
Empire Energy Group Ltd (ASX: EEG)
The Empire Energy Group share price is down over 4% to 22 cents. This morning, this energy explorer released a drilling update from the C-5H well, which is targeting the Velkerri-B shale formation. While the results were positive, the market appears disappointed by the company's decision to delay the fracture stimulation of C-5H. Commenting on the delay, managing director, Alex Underwood, said: "The decision we have made to delay the C-5H fracture stimulation from January 2025 to April 2025 has been taken with the best interests of our shareholders in mind, as the financial risk of weather-related issues would have been substantial."
Transurban Group (ASX: TCL)
The Transurban Group share price is down 2.5% to $13.48. This has also been driven by the company's shares going ex-dividend this morning. The toll road giant recently declared a 32 cents per share interim dividend. It will be paid to eligible shareholders next year on 25 February. Based on its last close price, this dividend equates to an attractive 2.3% dividend yield.
