The S&P/ASX 200 Index (ASX: XJO) is having a disappointing finish to the year. At the time of writing, the benchmark index is down 0.7% to 8,174.7 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
AVITA Medical Inc (ASX: AVH)
The AVITA Medical Inc share price is down 2% to $4.28. This may have been driven by profit taking from some investors after strong gains in recent sessions. For example, the company's shares remain up 14% since this time last week despite today's decline. The catalyst for this has been news that the United States Food and Drug Administration (FDA) gave the thumbs up to its premarket approval (PMA) supplement for RECELL GO mini. AVITA CEO, Jim Corbett, said: "The FDA approval of RECELL GO mini strengthens our ability to provide clinicians with fit-for-purpose solutions that meet the diverse needs of patients with full-thickness wounds. By introducing a treatment option specifically for smaller wounds, we are expanding the accessibility of RECELL to a wider range of patients."
Life360 Inc (ASX: 360)
The Life360 share price is down 3% to $22.40. This follows a poor night of trade for tech stocks on Wall Street on Monday. It isn't just Life360 shares that are falling today, the tech sector is largely a sea of red. So much so, the S&P/ASX All Technology Index is down by around 1% at the time of writing.
Newmont Corporation (ASX: NEM)
The Newmont Corporation share price is down over 2% to $59.40. This follows a decline from the gold giant's shares on the New York Stock Exchange overnight after the gold price softened. This has led to the S&P/ASX All Ordinaries Gold index dropping 1.2% on Tuesday.
St Barbara Ltd (ASX: SBM)
The St Barbara share price is down 4% to 22.5 cents. This gold miner's shares have been sold off this month after it was hit with a huge tax bill in Papua New Guinea. The country's Internal Revenue Commission (IRC) delivered correspondence to St Barbara's tax agent containing details of additional taxes, inclusive of a 200% penalty imposition, that amount to PGK 523 million. This is the equivalent of approximately A$210 million. St Barbara's CEO, Andrew Strelein, said "The receipt of this IRC Amended Assessment, backdating changes to 2008 and earlier, just as IRC were closing down its office for Christmas was disappointing – particularly when such positive progress has been made with Mineral Resources Authority and with Kumul Minerals Holdings Limited on the development of the Simberi Sulphides."
