In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a disappointing decline. At the time of writing, the benchmark index is down 1.4% to 8,176.2 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are sinking:
Alkane Resources Ltd (ASX: ALK)
The Alkane Resources share price is down 7.5% to 48.5 cents. Investors have been selling this gold miner's shares following the release of its quarterly update. Alkane Resources reported gold production of 14,852 ounces for the quarter. This was below its forecast for the three months, which appears to have disappointed the market. Nevertheless, management has held firm with its full year guidance of 70,000 ounces to 80,000 ounces at an AISC of A$2,400 per ounce to $2,600 per ounce. Gold sales were 16,576 ounces, generating revenue of $59.4 million at an average price of A$3,582 per ounce.
Myer Holdings Ltd (ASX: MYR)
The Myer share price is down almost 19% to 93.2 cents. This follows the release of a trading update from the department store operator this morning. For the 22 weeks ended 28 December, group comparable sales were in line with the prior corresponding period, but total sales were down 0.8% to approximately $1,592 million. Things were much worse for its earnings, with EBIT down approximately 25% to $48 million. Investors may have fears that this poor performance could impact its upcoming merger vote.
Premier Investments Ltd (ASX: PMV)
The Premier Investments share price is down over 15% to $27.96. This has also been driven by the release of a trading update today. The Smiggle and Peter Alexander owner expects first half underlying Retail EBIT to be in the range of $160 million to $165 million. This represents a sizeable 21.3% to 23.7% decline year on year. Premier Investments is looking to merge its Apparel Brands business with Myer later this month, but these updates appear to cast doubts on the move.
St Barbara Ltd (ASX: SBM)
The St Barbara share price is down 9% to 25.5 cents. This morning, this gold miner released a preliminary second quarter update. Gold production for the quarter totalled 10,262 ounces, which was lower than expected. And while there was no update on its costs, management warned that they will be high because of the lower ounces produced. Looking ahead, it said: "Production guidance of 65,000 to 75,000 ounces is not changed. However, after the lower than anticipated production in Q2, the outlook is now at the lower end of the range compared to mid-range expectations at the outset of the December quarter."
