In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a very disappointing decline. At the time of writing, the benchmark index is down 4.4% to 8,462.3 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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Catapult Sports Ltd (ASX: CAT)
The Catapult Sports share price is down 11% to $3.53. Investors have been selling this sports technology company's shares after it was kicked out of the ASX 200 index at the quarterly rebalance. Also leaving the benchmark index are DigiCo Infrastructure REIT (ASX: DGT) and EBOS Group Ltd (ASX: EBO). They will be replaced by gold miner Predictive Discovery Ltd (ASX: PDI), engineering services company SRG Global Ltd (ASX: SRG), and lithium developer Vulcan Energy Resources Ltd (ASX: VUL).
Commonwealth Bank of Australia (ASX: CBA)
The CBA share price is down 4% to $165.50. This banking giant and the rest of the big four banks have been caught up in the market selloff on Monday. It is possible that investors are concerned that the spike in oil prices could cause inflation to jump. This could force the Reserve Bank of Australia to increase interest rates higher than expected, which would put pressure on mortgage holders.
Dyno Nobel Ltd (ASX: DNL)
The Dyno Nobel share price is down over 11% to $3.00. This morning, this explosives company announced a binding agreement for the sale of Phosphate Hill to a subsidiary of Mayfair Australia Corporation for just a single dollar. However, up to $100 million will be payable to Dyno Nobel subject to certain conditions and meeting certain performance hurdles. Dyno Nobel's CEO, Mauro Neves, said: "The sale of Phosphate Hill to Mayfair is an important milestone that concludes our separation from the Fertilisers business. This transaction delivers the certainty that we have been working towards and allows us to fully focus on our future as a global explosives leader."
Qantas Airways Ltd (ASX: QAN)
The Qantas Airways share price is down 5.8% to $8.40. Investors have been selling the airline operator's shares on Monday in response to surging oil prices. Given that fuel is the company's largest operating expense, a significant rise could have a major impact on its profits in the near term. So much so, if things remain the same way, it is quite likely that analysts will start downgrading their earnings estimates for Qantas.
