The S&P/ASX 200 Index (ASX: XJO) is having a difficult session on Thursday. In early afternoon trade, the benchmark index is down 1.05% to 8,330.5 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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ANZ Group Holdings Ltd (ASX: ANZ)
The ANZ Group share price is down over 3% to $29.13. This follows the release of the banking giant's first quarter update this morning. The positives include the bank revealing customer deposit growth of 2% and net loans and advances growth of 4%. Whereas the negatives include gross impaired assets (GIA) increasing 11.8% or $200 million to $1.9 billion. This was primarily driven by Australian mortgage restructures.
Goodman Group (ASX: GMG)
The Goodman share price is down almost 6% to $33.93. The catalyst for this has been the industrial property giant completing a capital raising. Goodman revealed that it has successfully raised $4 billion through a fully underwritten institutional placement at a 6.9% discount of $33.50 per new share. The proceeds from the capital raising will provide financial flexibility for a range of growth initiatives, including the development of new powered shells and fully fitted data centre projects, expected to be operational by June 2026. Goodman will now seek to raise a further $400 million through a share purchase plan.
Magellan Financial Group Ltd (ASX: MFG)
The Magellan share price is down 10% to $9.10. This morning, the fund manager released its half year results and reported a 10% decline in adjusted net profit after tax to $84.1 million. This was despite performance fees increasing from $0.1 million to $6.1 million year on year. In light of this profit decline, the Magellan board has elected to cut its interim dividend by 10% to 26.4 cents per share. It will be 85% franked.
Super Retail Group Ltd (ASX: SUL)
The Super Retail share price is down 14% to $13.86. Investors have been selling this retail conglomerate's shares following the release of a disappointing half year result. Super Retail reported a 4% increase in sales to $2.1 billion but a 10% decline in normalised net profit after tax to $131 million. Management advised that its cost of doing business (CODB) as a percentage of sales increased by 30 basis points to 35.5% during the half. This reflects the impact of inflation on wages, occupancy costs, and network expansion. Also catching the eye was an 8% increase in group inventory to $69 million.
