The S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a decline. In afternoon trade, the benchmark index is down slightly to 8,877.1 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
Evolution Mining Ltd (ASX: EVN)
The Evolution Mining share price is down over 2.5% to $10.57. Investors have been selling this gold miner's shares today after the price of gold pulled back. It isn't just Evolution Mining shares that are falling. This has led to the S&P/ASX All Ordinaries Gold index tumbling by 1.6% at the time of writing.
Lynas Rare Earths Ltd (ASX: LYC)
The Lynas Rare Earths share price is down 6% to $14.33. This is despite there being no news out of the rare earths producer on Monday. However, it is worth noting that a number of rare earths shares have been under pressure since the US and China made progress on trade talks and rare earths export controls.
Resmed Inc. (ASX: RMD)
The Resmed share price is down 4% to $37.86. This follows a poor night of trade for the sleep disorder treatment company's NYSE listed shares on Friday, which has reversed its post-results gains. One broker that is likely to see this as a buying opportunity is Ord Minnett. This morning, the broker retained its buy rating and $48.80 price target on the company's shares. This implies potential upside of 29% for investors over the next 12 months. Ord Minnett was impressed with ResMed's strong performance during the first quarter and has lifted its earnings estimates for FY 2026 and FY 2027. It expects double digit earnings growth each year.
Steadfast Group Ltd (ASX: SDF)
The Steadfast share price is down almost 6% to $5.28. This may have been driven by another note out of Ord Minnett. According to the note, the broker has downgraded this insurance broker network operator's shares to a hold rating with a trimmed price target of $5.80. This follows the release of a disappointing trading update and the temporary standing down of its CEO, Robert Kelly, due to an investigation into a workplace complaint made against him. It said: "Mr Kelly AM will remain on full pay for the duration of the investigation. Given that the investigation into the allegations against Mr Kelly AM is ongoing, and that to date no allegations against him have been substantiated, it would not be appropriate to comment further at this time. The Board will provide further details to the market once this investigation is completed."
