Why City Chic, Fortescue, Nearmap, & Zip shares are dropping lower today

Fortescue Metals Group Limited (ASX:FMG) and Nearmap Ltd (ASX:NEA) shares are two of four dropping notably lower on Thursday…

| More on:

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

In afternoon trade the S&P/ASX 200 Index (ASX: XJO) is on course to record a sizeable decline. At the time of writing the benchmark index is down 0.95% to 5,898.9 points.

Four ASX shares that have fallen more than most today are listed below. Here's why they are dropping notably lower:

The City Chic Collective Ltd (ASX: CCX) share price has dropped 7% lower to $3.15. Investors have been selling the fashion retailer's shares after it was unsuccessful acquiring the ecommerce assets of US-based plus-size retailer Catherines. These assets were being sold off following the bankruptcy of Ascena Retail Group. City Chic was in pole position to acquire the assets but was ultimately outbid.

The Fortescue Metals Group Limited (ASX: FMG) share price has sunk almost 6% lower to $16.33. The catalyst for this was a pullback in the iron ore price overnight. According to CommSec, the spot iron ore price fell 3.4% to US$124.20 a tonne on Wednesday night. In addition to this, a broker downgrade by Morgan Stanley last week is being covered in the media today and could be weighing on sentiment.

The Nearmap Ltd (ASX: NEA) share price has dropped 3.5% lower to $2.38. As well as being caught up in general tech sector weakness, this morning the aerial imagery technology and location data company announced the opening on its share purchase plan. Nearmap is aiming to raise $20 million at the lower of the institutional placement price of $2.77 or a 2.5% discount to the five-day volume weighted average price on 5 October.

The Zip Co Ltd (ASX: Z1P) share price has fallen over 5% to $6.10. Investors have been selling Zip and other tech shares today after the Nasdaq rebound ran out of steam overnight. At the time of writing, the S&P/ASX All Technology Index (ASX: XTX) is down a disappointing 1.7%.

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Nearmap Ltd. and ZIPCOLTD FPO. The Motley Fool Australia has recommended Nearmap Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Share Market News

Person pretends to types on laptop drawn in sand.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a disappointing end to the trading week for investors this Friday.

Read more »

A young boy points and smiles as he eats fried chicken.
Share Gainers

3 ASX All Ords shares smashing the benchmark this week

Investors are sending these three ASX All Ords shares rocketing 18% to more than 29% this week. But why?

Read more »

watch
Broker Notes

Brokers name 3 ASX shares to buy today

Here's why brokers are feeling bullish about these three shares this week.

Read more »

Disappointed man with his head on his hand looking at a falling share price his a laptop.
Share Fallers

Why APA, Flight Centre, Reece, and Transurban shares are falling today

These shares are having a tough finish to the week. But why?

Read more »

a young woman raises her hands in joyful celebration as she sits at her computer in a home environment.
Share Gainers

Why Alliance Aviation, BHP, Boss Energy, and Orthocell shares are racing higher

These shares are ending the week on a positive note. But why?

Read more »

Mum playing with her baby boy holding him on her tummy as she lays down while smiling about the Bubs share price going up today
Broker Notes

Following two unfortunate incidents, what's Macquarie's price target on Monash IVF shares?

Is Monash IVF a buying opportunity?

Read more »

A happy male investor turns around on his chair to look at a friend while a laptop runs on his desk showing share price movements
Broker Notes

Macquarie tips 18% return for this ASX 200 stock

The broker thinks this blue chip's profits are going to rebound in FY 2026.

Read more »

Three happy office workers cheer as they read about good financial news on a laptop.
Broker Notes

Bell Potter names more of the best ASX 200 shares to buy in FY26

These shares are among the best to buy in the new financial year according to its analysts.

Read more »