In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has given back its morning gains and slipped into the red. At the time of writing, the benchmark index is down slightly to 8,633.6 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
AIC Mines Ltd (ASX: A1M)
The AIC Mines share price is down almost 3% to 51.5 cents. This is despite the copper and gold miner releasing a drilling update this morning. AIC Mines has been exploring extension drilling at the Jericho copper deposit located in Northwest Queensland. Commenting on the results, AIC Mines' managing director, Aaron Colleran, said: "These results highlight the quality of the Jericho system – its continuity at depth and its significant scale. It reinforces our confidence in the long-term growth potential of this asset."
ASX Ltd (ASX: ASX)
The ASX share price is down a further 2% to $52.43. This stock exchange operator's shares have fallen this week after it committed to a strategic package of actions with ASIC. The company revealed that these commitments address the findings contained in an interim report from the expert ASIC Inquiry Panel. They are designed to deliver confidence in ASX as a provider of critical market infrastructure. One action will see the company accumulate an additional $150 million of capital above net tangible asset (NTA) value by 30 June 2027. This will then be in place until agreed milestones in the revised accelerate program are completed to the satisfaction of ASIC.
Karoon Energy Ltd (ASX: KAR)
The Karoon Energy share price is down almost 3% to $1.59. This may have been driven by weakness in oil prices overnight. Traders were selling down oil in response to positive developments with respect to Russia and Ukraine peace talks. The latter has reportedly agreed to scrap its application to join NATO.
Life360 Inc (ASX: 360)
The Life360 share price is down almost 6% to $32.71. This is despite there being no news out of the location technology company. However, with tech stocks on Wall Street being sold off amid concerns over the AI bubble, the selling appears to have spread to the ASX boards. It isn't just Life360 shares that are down today. The S&P/ASX All Technology Index is down by a disappointing 1.6% at the time of writing.
