In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is out of form and in the red. At the time of writing, the benchmark index is down 0.75% to 8,778 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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Black Cat Syndicate Ltd (ASX: BC8)
The Black Cat Syndicate share price is down 10% to $1.18. Investors have been selling this gold miner's shares following the release of its quarterly update. It reported group gold production of 23,952 ounces (including third-party production of 11,553 ounces). This was below its guidance for 25,000 to 28,000 ounces. Nevertheless, Black Cat Syndicate posted operating cash flow of $61 million from 10,374 ounces of gold sold at an average realised price of $6,817 per ounce.
Mirvac Group (ASX: MGR)
The Mirvac share price is down over 2% to $1.74. This follows the release of the property company's third-quarter update. While Mirvac delivered a solid update, some of its commentary may have spooked investors. Mirvac's CEO, Campbell Hanan, said: "We are monitoring the potential impacts of the conflict in the Middle East, and are proactively managing the risks, with a sharpened focus on protecting liquidity, active supply chain management, and selective capital deployment. [..] Selected projects have seen a moderation in sales in recent weeks, but overall market fundamentals are solid, and enquiries remain strong."
Qantas Airways Ltd (ASX: QAN)
The Qantas Airways share price is down over 3% to $8.58. Investors may have been selling Qantas shares today after oil prices charged higher overnight. Traders were bidding oil prices higher after Iran prevented ships from passing through the Strait of Hormuz. The shares of fellow airline Virgin Australia Holdings Ltd (ASX: VGN) are also tumbling on Thursday.
Temple & Webster Group Ltd (ASX: TPW)
The Temple & Webster share price is down almost 6% to $6.22. This has been driven by news that the online furniture retailer's founder and CEO, Mark Coulter, is transitioning to an executive chair role from July. Temple & Webster advised that Coulter will be replaced by Susie Sugden, who previously held the roles of chief commercial officer and chief marketing officer at the company between 2016 and 2020. Commenting on the news, Mark Coulter said: "Bringing back Susie – a proven former executive at Temple & Webster, will provide me with more capacity to focus on strategy and longer-term growth opportunities, which will only become more important as we scale. I look forward to working closely with Susie as we continue our journey to become the largest retailer of furniture and homewares in Australia."
