The S&P/ASX 200 Index (ASX: XJO) has given back its morning gains and dropped into the red on Wednesday afternoon. At the time of writing, the benchmark index is down slightly to 8,406.9 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
ALS Ltd (ASX: ALQ)
The ALS share price is down 6% to $16.52. This has been driven by the testing services company completing a fully underwritten $350 million institutional placement this morning. According to the release, the placement was well supported and completed at a price of $16.70 per new share. This represents a 5.3% discount to its last close price. Management advised that the proceeds from the placement will be used to fund organic investment in the laboratory network. Excess funds will be used to maintain balance sheet flexibility, support future growth initiatives, and fund transaction costs.
Fisher & Paykel Healthcare Corporation Ltd (ASX: FPH)
The Fisher & Paykel Healthcare share price is down 4% to $32.67. This morning, this medical device company released its full year results. It reported a 16% increase in total operating revenue to a record of NZ$2.02 billion. This was driven by broad-based growth in hospital consumables and double-digit growth in masks for treating obstructive sleep apnoea. Net profit after tax came in 43% higher year on year at NZ$377.2 million. While this was ahead of consensus estimates, its guidance for FY 2026 fell short of expectations.
IPD Group Ltd (ASX: IPG)
The IPD Group share price is down 8% to $3.19. This has been driven by the release of the electrical solutions provider's earnings guidance for FY 2025. IPD revealed that it expects to report EBITDA of $45.7 million to $46.3 million. This is down from its FY 2024 pro forma EBITDA of $49.8 million. IPD Group's EBIT is forecast to come in at $38.6 million to $39.2 million, which is down from $42.8 million in FY 2024.
Predictive Discovery Ltd (ASX: PDI)
The Predictive Discovery share price is down 18% to 35.5 cents. This gold miner's shares have been sold off today after it was dealt a major blow in Guinea. The company revealed that Guinea's Ministry of Mines and Geology (MMG) has announced the revocation of over 100 exploration permits. Unfortunately for Predictive Discovery, this includes the Argo and Bokoro exploration permits that it holds. It now intends to work diligently to appeal the revocations in accordance with the Mining Code.
