The S&P/ASX 200 Index (ASX: XJO) is having an underwhelming session on Thursday. In late morning trade, the benchmark index is down 0.35% to 8,935.4 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
Image source: Getty Images
Air New Zealand Ltd (ASX: AIZ)
The Air New Zealand share price is down almost 2% to 36.5 cents. This follows the release of a market update from the airline operator this morning. Air New Zealand advised that group capacity decreased 0.1% in May compared with the prior year. In addition, international long-haul available seat kilometres (ASKs) decreased by 1.3%, while domestic capacity increased 2.9%. The latter was supported by two additional A321 aircraft in operation compared with May last year. However, it notes that this was partly offset by targeted capacity reductions following the sharp rise in jet fuel prices after the conflict in the Middle East.
Emeco Holdings Ltd (ASX: EHL)
The Emeco Holdings share price is down 7.5% to 93 cents. Investors have been selling the mining equipment rental provider's shares following the release of a trading update. Management advised that it expects to report operating EBITDA of $290 million to $295 million in FY 2026. It then expects "stable earnings" in FY 2027, with a weighting to the second half. The company's CEO, Ian Testrow, commented: "Emeco has built a robust business model able to withstand challenging market conditions and still deliver resilient earnings, growth in margins, a strong balance sheet and cash flow generation. The recent trading conditions have moderately impacted our near-term earnings, however, with the hard work of the team, we have been able to proactively manage costs and capital expenditure and successfully secured fleet redeployment opportunities for FY27."
ResMed Inc (ASX: RMD)
The ResMed share price is down 3.5% to $26.56. This appears to have been driven by a broker note out of Morgan Stanley overnight. According to the note, the broker has downgraded the sleep disorder treatment company's shares to an equal-weight rating (from overweight) with a reduced price target of US$230.00 (from US$286.00). For ResMed's ASX-listed shares, that is the equivalent of a price target of A$32.70. Morgan Stanley made the move on concerns over ResMed's near-term earnings outlook.
Westgold Resources Ltd (ASX: WGX)
The Westgold Resources share price is down over 3% to $5.25. This follows another pullback in the gold price overnight, which is weighing heavily on most ASX gold stocks today. In fact, the S&P/ASX All Ords Gold Index is down 1.8% at the time of writing.
