The S&P/ASX 200 Index (ASX: XJO) is on course to record a disappointing decline. In afternoon trade, the benchmark index is down 1.55% to 8,507.7 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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A2 Milk Company Ltd (ASX: A2M)
The A2 Milk share price is down 3.5% to $9.32. This has been driven by a combination of broad market weakness and the infant formula company's shares going ex-dividend today. Last month, A2 Milk released its half-year results and declared a fully franked 8.3 cents per share interim dividend. Eligible shareholders can look forward to receiving this payout in a couple of weeks on 2 April.
BWP Trust (ASX: BWP)
The BWP Trust share price is down 4% to $3.64. The catalyst for this appears to have been a broker note out of UBS this morning. According to the note, the broker has downgraded the Bunning Warehouse-focused property company's shares to a neutral rating (from buy) with a reduced price target of $3.89. UBS highlights that the last time there was an energy crisis (the start of the Russia-Ukraine conflict), Australian REITs sank deep into the red as interest rates rose.
Core Lithium Ltd (ASX: CXO)
The Core Lithium share price is down 6% to 20.7 cents. Investors have been selling the lithium miner's shares following broad weakness in the mining sector and the completion of its $120 million institutional placement. Those funds were raised at a 4.5% discount of 21 cents per new share and will be used to restart the Finniss Lithium Project this year. Core Lithium's managing director, Paul Brown, said: "The strong support we have received through this equity raising is a clear endorsement of Core's restart strategy and the long-term value of the Finniss Operation. Combined with the strategic funding from Glencore, InfraVia and Nebari, this places Core in a fully funded position to execute the restart in line with the FID."
Newmont Corporation (ASX: NEM)
The Newmont share price is down 5.5% to $146.51. This follows a sizeable pullback in the gold price overnight after the US Federal Reserve kept rates on hold. It appears that traders were hoping for a rate cut, which would be supportive of the safe haven asset, but rising oil prices have seemingly ruled that out. It isn't just Newmont that is falling today. The gold industry is a sea of red, with the S&P/ASX All Ordinaries Gold index down 8% at the time of writing.
