The S&P/ASX 200 Index (ASX: XJO) has started the week in a disappointing fashion. In afternoon trade, the benchmark index is down 0.7% to 8,911 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
Dateline Resources Ltd (ASX: DTR)
The Dateline Resources share price is down 11% to 23.5 cents. This follows the completion of a $25 million institutional placement. These funds were raised at a discount of 21.5 cents per share. The gold and REE explorer's managing director, Stephen Baghdadi, commented: "We are encouraged by the strong support from institutional investors, which validates our strategy at the Colosseum Project. Recent geophysical work has outlined six new gold targets with the same MT signature as the known breccia pipes and confirmed high-priority REE anomalies. With $35 million in funds, we are well positioned to accelerate our dual-track development and demonstrate the significant potential value of the Colosseum."
Fortescue Ltd (ASX: FMG)
The Fortescue share price is down 5% to $18.30. The catalyst for this has been the iron ore giant's shares going ex-dividend for its final dividend of FY 2025. When a share goes ex-dividend, it means the rights to the upcoming payment are settled and new buyers will not be eligible to receive it on pay day. As a result, a share price will tend to decline on the ex-dividend date. Last month, Fortescue released its full year results and declared a fully franked 60 cents per share final dividend. This will be paid to eligible shareholders later this month on 26 September.
Jumbo Interactive Ltd (ASX: JIN)
The Jumbo Interactive share price is down almost 6% to $11.51. This also appears to have been driven by the online lottery ticket seller's shares going ex-dividend this morning. Last month, Jumbo declared a fully franked 30.5 cents per share final dividend. It will be paid to eligible shareholders on 16 September.
Sayona Mining Ltd (ASX: SYA)
The Sayona Mining share price is down almost 8% to 2.4 cents. This is despite the lithium miner announcing the completion of its merger with Piedmont Lithium Inc (ASX: PLL) this morning. Commenting on the merger, Sayona Mining's CEO and managing director, Lucas Dow, said: "Today marks a defining milestone in our Company's journey as we complete the merger with Piedmont Lithium. By uniting two complementary businesses, we have created a stronger, globally significant lithium company with the scale, resources, and partnerships to lead in the energy transition."
