The S&P/ASX 200 Index (ASX: XJO) is having another poor session on Wednesday. In afternoon trade, the benchmark index is down 1.6% to 8,761 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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Beetaloo Energy Australia Ltd (ASX: BTL)
The Beetaloo Energy share price is down almost 5% to 30 cents. This is despite the energy company releasing a presentation this morning ahead of its appearance at a conference. As part of its presentation, management highlighted that the Shell LNG Outlook 2025 indicates structural LNG shortages from 2034. It also notes that "demand for gas continues to gather pace across Asia, with China and India significantly increasing their regasification and downstream infrastructure."
Origin Energy Ltd (ASX: ORG)
The Origin Energy share price is down 3.5% to $12.38. This has been driven by the energy giant's shares going ex-dividend this morning for its latest payout. When this happens, it means the rights to an upcoming dividend are now settled and that new buyers won't receive it on pay day. As a result, a share price will usually drop to reflect this. After all, you wouldn't want to pay for something you won't receive. In respect to Origin Energy's payout, it will be rewarding eligible shareholders with a 30 cents per share fully franked final dividend next month on 3 October.
Westpac Banking Corp (ASX: WBC)
The Westpac share price is down 3% to $37.42. There are a couple of reasons for this. One is broad weakness in the banking sector today after economic data appeared to reduce interest rate cut expectations. In addition, news that the team at UBS is no longer bullish on the bank could be weighing on its shares. This morning, the broker downgraded the shares of Australia's oldest bank to a neutral rating (from buy) with an improved price target of $38.00 (from $36.00). It made the move on valuation grounds following meaningful share price gains in recent weeks.
Xero Ltd (ASX: XRO)
The Xero share price is down 6% to $149.96. Investors have been selling this cloud accounting platform provider's shares despite there being no news out of it. However, it is worth noting that the tech-heavy Nasdaq index tumbled overnight, which is weighing heavily on the local tech sector. In fact, at the time of writing, the S&P/ASX All Technology Index is down by a sizeable 2.3%.
