The S&P/ASX 200 Index (ASX: XJO) is struggling on Wednesday and on course to record a disappointing decline. In afternoon trade, the benchmark index is down 0.8% to 8,809.2 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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Flight Centre Travel Group Ltd (ASX: FLT)
The Flight Centre share price is down 3% to $12.08. This has been driven by the travel agent giant's shares going ex-dividend this morning for its latest payout. Last month, the company declared a fully franked final dividend of 29 cents per share, which was down slightly year on year. This will be paid to eligible shareholders next month on 16 October.
Inghams Group Ltd (ASX: ING)
The Inghams share price is down 4.5% to $2.54. This has also been driven by the poultry producer's shares going ex-dividend this morning. Last month, Inghams released its FY 2025 results and declared a fully franked final dividend of 8 cents per share. This was flat on the prior corresponding period. It will now be paid to eligible shareholders at the start of next month on 1 October.
New Hope Corporation Ltd (ASX: NHC)
The New Hope share price is down 6.5% to $4.28. This may have been driven by a broker note out of Macquarie Group Ltd (ASX: MQG) this morning. In response to the coal miner's FY 2025 results, the broker has downgraded New Hope's shares to an underperform rating with a reduced price target of $3.80. Macquarie commented: "Downgrade to Underperform: Whilst we see merit in a yield maximisation strategy, we downgrade to Underperform on a weaker production outlook and earnings outlook. Valuation: Our target price has decreased 5% to A$3.80ps due to a lower Malabar valuation and weaker short term earnings outlook."
PYC Therapeutics Ltd (ASX: PYC)
The PYC Therapeutics share price is down 27% to 88.7 cents. Investors have been selling the clinical-stage biotechnology company's shares after it announced the sudden exit of its CEO, executive director, Dr Rohan Hockings. He will be replaced temporarily by chairman Alan Tribe as its managing director. Mr Tribe commented: "I would like to thank Rohan for his significant contributions to the Company and wish him well in the future. There will now be a robust search to select a successor who can lead the future growth and development of the Company for its Shareholders." The company also stressed that Tribe will "ensure that each drug development programme remains on track and is progressing in line with expectations, timelines and budgets."
