The S&P/ASX 200 Index (ASX: XJO) is having a subdued session on Thursday. At the time of writing, the benchmark index is down slightly to 8,275.6 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
Newmont Corporation (ASX: NEM)
The Newmont share price is down 3% to $75.51. Investors have been selling this gold miner's shares following a pullback in the gold price overnight. Traders were selling the precious metal after risk appetite improved and safe haven demand reduced. It isn't just the Newmont share price that is dropping today. A number of other gold miners are in the red on Thursday. So much so, this has led to the S&P/ASX All Ordinaries Gold index dropping 1.6% today.
NRW Holdings Limited (ASX: NWH)
The NRW Holdings share price is down almost 9% to $2.65. The catalyst for this is news that the South Australian government's proposal to nullify a lease agreement relating to the Whyalla Port would leave its subsidiary Golding Contractors with a $113.3 million impairment. It said: "NRW is extremely disappointed and concerned that the proposed and unprecedented intervention by the South Australian government will seriously impair and undermine Golding's security over Whyalla Ports."
Peet Ltd (ASX: PPC)
The Peet share price is down 4% to $1.56. This has been driven by news that the residential real estate developer's long-serving CEO is stepping down. Brendan Gore is leaving after 20 years with the company. He said: "After two decades at Peet and with the company being in such a strong position, the time is right for me to pursue other interests. To ensure an orderly transition and business continuity, the Board and I have agreed that it is in the best interests of the Company that I continue through to the end of the current financial year, and step down from my roles on 1 July 2025."
Treasury Wine Estates Ltd (ASX: TWE)
The Treasury Wine share price is down 5% to $8.69. This has also been driven by news of a CEO exit. The wine giant's CEO, Tim Ford, plans to exit in September after five years as its leader. The Penfolds owner has found a new leader, though. It revealed that Sam Fischer will leave his role as the CEO of Lion and replace Ford from late October. Treasury Wine's chairman, John Mullen, said: "Having assessed a highly competitive field of candidates, the Board and I firmly believe that Sam is the right person to lead TWE into its next era of growth and performance."
