In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week in the red. At the time of writing, the benchmark index is down 0.25% to 8,543.3 points
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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Accent Group Ltd (ASX: AX1)
The Accent share price is down 23% to $1.39. This has been driven by the release of a disappointing trading update from the footwear-focused retailer after the market close on Thursday. Due to tough trading conditions, Accent Group expects its group EBIT to be in a range of $108 million to $111 million for FY 2025. This is well short of the consensus estimate of $133 million. Bell Potter remains positive, though. It has retained its buy rating with a reduced price target of $2.10.
Cettire Ltd (ASX: CTT)
The Cettire share price is down a further 16% to 27 cents. This online luxury products retailer's shares have been sold off this week after it released another poor trading update. Cettire revealed that its adjusted EBITDA was negative $6.9 million for the first two months of the fourth quarter. This compares to positive EBITDA of $12.1 million for the first half. Just over a year ago, its founder CEO, Dean Mintz, sold $127 million worth of shares. Cettire's market capitalisation is now under $100 million.
Ioneer Ltd (ASX: INR)
The Ioneer share price is down 13% to 10 cents. This morning, this emerging lithium–boron producer received firm commitments from institutional, professional, and sophisticated investors to raise approximately US$16 million (~A$25 million) through a placement. These funds are being raised at an issue price of 10 cents per new share, which represents a 13% discount to its last closing price. Executive chair, James Calaway, said: "Rhyolite Ridge continues to demonstrate it is a world-leading lithium project, helping accelerate the electric vehicle transition and securing a cleaner future for our children and grandchildren. This Placement represents another step forward towards ensuring this world-class project operates efficiently and sustainably."
Pro Medicus Ltd (ASX: PME)
The Pro Medicus share price is down over 3.5% to $269.00. Investors have been selling Pro Medicus and other ASX tech stocks today in response to rising tensions in the Middle East. This has led to investors switching out of risk on assets and into risk off assets like gold miners. The S&P/ASX All Technology Index is down 1.5% at the time of writing.
