It has been a tough session for the S&P/ASX 200 Index (ASX: XJO) on Tuesday. At the time of writing, the benchmark index is down 0.9% to 8,651.1 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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Evolution Mining Ltd (ASX: EVN)
The Evolution Mining share price is down 2% to $12.17. Investors have been selling this gold miner's shares on Tuesday following a pullback in the price of the precious metal overnight. Traders were selling gold after US-Iran peace talks ended abruptly and sent oil prices charging higher. This has sparked fears that inflation will rise and lead to interest rate hikes, which would likely be bad news for the gold price.
JB Hi-Fi Ltd (ASX: JBH)
The JB Hi-Fi share price is down 3.5% to $72.44. This appears to reflect broad weakness in the retail sector today. In addition, the retail giant was the subject of a bearish broker note out of Morgan Stanley this morning. According to the note, the broker has retained its underperform rating and $70.00 price target on its shares. It believes the company could fall short of consensus expectations given the weakening housing market.
Scentre Group (ASX: SCG)
The Scentre Group share price is down 4.5% to $3.60. This morning, the team at Macquarie Group Ltd (ASX: MQG) downgraded this shopping centre operator's shares to an underperform rating (from neutral) with an improved price target of $3.45. The broker made the move largely on valuation grounds, highlighting that the company's shares have risen strongly from their lows and now trade at a premium to net tangible assets.
TPG Telecom Ltd (ASX: TPG)
The TPG Telecom share price is down 7% to $3.71. This follows the release of a first half trading update from the telco at its Investor Day event. TPG Telecom revealed that it expects mobile subscriber growth of 70,000 to 80,000 during the first half of FY 2026 driven by Digital First and MVNO. Home Broadband subscribers are expected to fall 45,000 for the half. It highlights that competitive dynamics remain challenging in NBN. Nevertheless, management has reaffirmed its FY 2026 EBITDA guidance of $1,665 million to $1,735 million (up from $1,637 million in FY 2025). However, it has warned that "EBITDA delivery is anticipated to be weighted to a stronger second-half performance."
