The S&P/ASX 200 Index (ASX: XJO) is having a subdued session on Tuesday. In afternoon trade, the benchmark index is down slightly to 8,156.1 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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HMC Capital Ltd (ASX: HMC)
The HMC Capital share price is down almost 7% to $4.82. This follows the release of a trading update from the alternative asset manager this morning. HMC Capital revealed that annualised FY 2025 operating pre-tax earnings per share is currently tracking at 66 cents. This is down from its previous guidance of 70 cents at the beginning of April. Management advised that this is attributable to the fair value movement of carrying positions in HMCCP and financial assets during April. Its FY 2025 dividend guidance of 12 cents per share has been reaffirmed. The company notes that this is consistent with its strategy to maintain the dividend at this level and re-invest retained earnings into value accretive growth opportunities.
Platinum Asset Management Ltd (ASX: PTM)
The Platinum share price is down 5% to 63.5 cents. This morning, the fund manager released its latest funds under management update (FUM) and revealed a sizeable decline in FUM. Platinum reported FUM of $9,647 million for April, down 6.1% from $10,276 million at the end of March. In addition, Platinum advised that last night it received notice of the termination of an institutional mandate of approximately $958 million. This will take effect on 9 May 2025. However, management is optimistic that the impact to its profit will be offset by an acceleration of planned cost savings to be delivered in FY 2026.
Sigma Healthcare Ltd (ASX: SIG)
The Sigma Healthcare share price is down 5% to $2.99. Investors have been selling the pharmacy chain operator's shares following the release of a trading update. It said: "For the nine months to 31 March 2025, Normalised EBIT (unaudited) growth for the Group compared to the prior corresponding period (pcp) for CWG1 is broadly consistent with the 36% growth achieved by CWG [Chemist Warehouse Group] for 1H FY25 compared to 1H FY24."
Skycity Entertainment Group Ltd (ASX: SKC)
The Skycity Entertainment share price is down almost 5% to 99.5 cents. This has been driven by the release of an update on the casino and resorts operator's guidance this morning. Skycity revealed that it has downgraded its FY 2025 earnings guidance to around 4% below the bottom of its prior NZ$225 million to NZ$245 million range. This includes ~NZ$18 million of costs related to the Adelaide B3 transformation programme for FY 2025.
