The S&P/ASX 200 Index (ASX: XJO) is having another tough session on Friday. In afternoon trade, the benchmark index is down 1.5% to 7,973.5 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are ending the week in the red:
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Capricorn Metals Ltd (ASX: CMM)
The Capricorn Metals share price is down 6% to $7.54. This morning, analysts at Macquarie retained their underperform rating and $7.30 price target on this gold miner's shares. The broker highlights that Capricorn Metals' half year results were weaker than expected. This has led to Macquarie cutting its near term earnings estimates for the miner.
Commonwealth Bank of Australia (ASX: CBA)
The CBA share price is down over 3% to $148.55. This is despite there being no news out of Australia's largest bank. However, it is worth noting that the banking sector is a sea of red on Friday with all the big four banks trading notably lower. Investors may believe that the banks have now peaked and are moving onto other areas of the market with more attractive valuations.
Endeavour Group Ltd (ASX: EDV)
The Endeavour share price is down 3.5% to $4.11. The catalyst for this has been the drinks giant's shares going ex-dividend this morning for its interim dividend. When a share goes ex-dividend, it means the rights to the dividend are now settled and new buyers of its shares won't receive it. As a result, a share price will generally decline to reflect this. Eligible Endeavour's shareholders can now look forward to receiving this fully franked 12.5 cents per share interim dividend next month on 10 April.
Polynovo Ltd (ASX: PNV)
The Polynovo share price is down a further 8% to $1.27. This latest decline means that the medical device company's shares have now dropped 33% since this time last month. Today's decline has been driven by news that its CEO is looking to exit. Responding to media speculation, the company said: "PNV confirms that on Friday last week there was a confidential discussion with the Chief Executive Officer, Mr Swami Raote, requesting his agreement to cease his employment with PNV effective June 2025 at the end of his contractual notice period and to step down as Chief Executive Officer effective from an earlier date. The discussion proposed terms for his separation if agreement was reached and revealed that non-executive director, Dr Robyn Elliott, would be stepping into the role as Acting Chief Executive Officer pending the appointment of a permanent replacement."
