In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has given back its early gains and is on course to record a decline. At the time of writing, the benchmark index is down 0.25% to 8,930.4 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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ANZ Group Holdings Ltd (ASX: ANZ)
The ANZ share price is down 2% to $37.21. This morning, analysts at Morgans reaffirmed their sell rating on the banking giant's shares with a reduced price target of $30.72. Commenting on its recommendation, the broker said: "We revise our forecasts ahead of ANZ's 1H26 result in May and reflecting on the recent updates provided by NAB and WBC. FY26-28F EPS downgraded by 6-7%. Target price reduced 6% to $30.72/sh. SELL retained given c.-15% downside at current prices, including 4.4% cash yield."
Challenger Ltd (ASX: CGF)
The Challenger share price is down 1.5% to $8.27. This follows the release of the annuities company's third-quarter update. Challenger revealed that funds under management fell 10% over the quarter to $104.5 billion. This was driven largely by net outflows of about $8 billion. Challenger's managing director and CEO, Nick Hamilton said: "In a period of global volatility and where institutional allocators have continued to reduce exposure to active equity management, we saw funds under management reduce."
Hub24 Ltd (ASX: HUB)
The Hub24 share price is down 8% to $87.96. Investors have been selling the investment platform provider's shares following the release of its third-quarter update. Hub24 reported platform net inflows of $4 billion for the third quarter of FY 2026. This represents a 9% increase on the prior corresponding period when excluding large migrations. However, this was around 8% short of analyst expectations. Total funds under administration (FUA) reached $151.7 billion at the end of March. This represents a 22% increase on the prior corresponding period. Once again, this was a touch short of the market's expectations.
Lynas Rare Earths Ltd (ASX: LYC)
The Lynas Rare Earths share price is down over 2.5% to $19.84. This is despite the rare earths producer reporting third-quarter sales revenue growth of 115% to $265 million. Lynas' managing director and CEO, Amanda Lacaze, said: "Our ramp up has delivered strong production and sales outcomes, with key initiatives positioning Lynas for the future and strengthening business resilience."
