The S&P/ASX 200 Index (ASX: XJO) is having a tough start to the week. In afternoon trade, the benchmark index is down 0.8% to 8,487.1 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are sinking:
AMP Ltd (ASX: AMP)
The AMP share price is down a further 5% to $1.42. This financial services company's shares have come under pressure since the release of its full year results last week. AMP reported a 15.1% increase in underlying net profit after tax to $236 million for FY 2024. But on a statutory basis, AMP posted a 43.4% decline in profit to $150 million. This statutory result includes AMP's business simplification spend and the loss it incurred on the sale of its Advice business.
Bendigo and Adelaide Bank Ltd (ASX: BEN)
The Bendigo and Adelaide Bank share price is down 17% to $11.15. Investors have been selling this regional bank's shares today following the release of its half year results. Bendigo and Adelaide Bank reported a 1.1% year on year decline in cash earnings after tax to $265.2 million. However, half on half things were much worse, with its cash earnings down 9.7% from the second half of FY 2024. This was below what the market was expecting due to lower net interest income and a weaker than consensus net interest margin (NIM) of 1.88%.
Pantoro Ltd (ASX: PNR)
The Pantoro share price is down almost 7% to 14 cents. This morning, this gold miner released an update on the Norseman Gold Project. That update revealed the initial results from the first phase of exploration drilling in the high grade Butterfly area of the Southern Mainfield reef system. While high grade mineralisation has been identified in all of the lodes drilled to date, the results don't appear to have been as strong as some were expecting. Nevertheless, the company's managing director, Paul Cmrlec, was pleased. He said: "These initial results from the Butterfly area mark an important step in advancing our understanding and development of multiple structures in the Southern Mainfield."
Westpac Banking Corp (ASX: WBC)
The Westpac share price is down 5.5% to $32.75. Investors have been hitting the sell button today after Australia's largest bank released its first quarter update. Excluding notable items, Westpac posted a net profit of $1.9 billion for the three months. This represents a 3% increase on the quarterly average during the second half of FY 2024. However, including notable items, its net profit was down slightly to $1.7 billion. While not a bad result, investors appear to have been betting on a stronger quarter to justify its strong gains over the past 12 months.
