In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week with a disappointing decline. At the time of writing, the benchmark index is down 1.15% to 8,807.4 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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Aeris Resources Ltd (ASX: AIS)
The Aeris Resources share price is down 10% to 38 cents. This morning, this copper producer announced that the Supreme Court of New South Wales has approved the acquisition of Peel Mining Ltd (ASX: PEX). Aeris' executive chair, Andre Labuschagne, said: "The acquisition of Peel is a major milestone for Aeris and will underpin the future of our Tritton copper operations. We look forward to welcoming the Peel shareholders onto the Aeris register as we continue to grow the business, positioning Aeris as a leading Australian copper producer." Judging by the share price weakness, it seems that some investors aren't overly positive on the deal.
Newmont Corporation (ASX: NEM)
The Newmont share price is down almost 7% to $143.37. Investors have been selling gold miners today after the price of the precious metal weakened further overnight. The gold price is currently on track for its third weekly loss in a row in response to concerns over potential interest rate hikes in the United States. The S&P/ASX All Ords Gold Index is down over 4.5% at the time of writing.
PLS Group Ltd (ASX: PLS)
The PLS share price is down 4% to $5.92. This follows broad weakness in the mining sector, which has offset the release of a big announcement this morning. PLS revealed that its board has approved the early spending on its P2000 Project at Pilgangoora. The company's CEO, Dale Henderson, said: "P2000 has the potential to represent the next major phase of growth at Pilgangoora and further strengthen PLS' position as one of the world's leading lithium producers. This pre-FID capital expenditure preserves optionality and maintains momentum along the critical path. By progressing long-lead procurement, engineering and early works now, we are positioning PLS to respond to future lithium demand while retaining optionality for the timing of any final investment decision."
REA Group Ltd (ASX: REA)
The REA Group share price is down 3% to $139.89. This morning, Bell Potter reaffirmed its sell rating on the property listings company's shares with a trimmed price target of $133.00 (from $137.00). The broker said: "We retain our Sell recommendation. Consensus EPS forecasts have recently declined by c.-2% in recent weeks, however, we still view 13% consensus growth for FY27e as having downside risk. Our thesis rests on REA's share price declining from a reduction in EPS forecasts in-line with market pricing."
