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 0.4% to 6,150.6 points.
Four shares that are dropping more than most today are listed below. Here's why they are tumbling lower:
Iluka Resources Limited (ASX: ILU)
The Iluka share price has crashed 46% lower to $5.26. However, this decline relates to the demerger of its Deterra Royalties business which has taken place today. Eligible shareholders will receive 1 Deterra Royalties share for every Iluka share they own.
Link Administration Holdings Ltd (ASX: LNK)
The Link Administration share price is down 1% to $4.89. Investors have been selling the administration services company's shares today after it rejected a takeover approach by a consortium comprising Pacific Equity Partners, Carlyle Group and their affiliates. The Link board has unanimously concluded that its $5.20 per share offer materially undervalues the company and is not in the best interests of shareholders.
Resolute Mining Limited (ASX: RSG)
The Resolute Mining share price has fallen 4% to 84 cents. This appears to have been driven by a pullback in the gold price overnight. It isn't just Resolute that is dropping lower today. The S&P/ASX All Ordinaries Gold index is down a sizeable 2.6% at the time of writing.
Temple & Webster Group Ltd (ASX: TPW)
The Temple & Webster share price has tumbled 5.5% to $10.95 despite there being no news out of the ecommerce company. However, with its shares up materially since the start of the year, this appears to have been driven by profit taking. In addition. some of these investors may be switching funds into the latest ecommerce to list on the ASX. Adore Beauty Group Limited (ASX: ABY) shares hit the ASX boards this morning after completing its IPO.
