The S&P/ASX 200 Index (ASX: XJO) is having a volatile day and experiencing a number of ups and downs. But in afternoon trade, the benchmark index is down 0.2% to 6,698.9 points.
Four ASX shares that are dropping more than most today are listed below. Here's why they are tumbling lower:
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Afterpay Ltd (ASX: APT)
The Afterpay share price is down 4% to $110.80. This appears to have been driven by further weakness in the tech sector amid concerns over rising bond yields. The Afterpay share price is now down 31% from the record high it reached just last month.
Nearmap Ltd (ASX: NEA)
The Nearmap share price is down 2.5% to $2.07. The catalyst for this may have been a broker note out of Citi this morning. Although the broker has retained its buy rating and $3.10 price target on its shares, it has slight concerns over rising competition in the ANZ market from Aerometrex Ltd (ASX: AMX). It suspects this was why its growth in the ANZ business was subdued during the first half.
Temple & Webster Group Ltd (ASX: TPW)
The Temple & Webster share price has fallen 4.5% to $8.59 despite there being no news out of the online homewares and furniture retailer. However, this morning the Federal Government launched a major stimulus program to support the Australian tourism sector. Investors may be concerned that consumer spending could soon shift away from home improvements and back onto travel.
Z Energy Ltd (ASX: ZEL)
The Z Energy share price is down 5% to $2.48 following the release of an update to its guidance for FY 2021. According to the release, the New Zealand based fuel retailer has downgraded its operating earnings range to between NZ$235 million to NZ$245 million. Previously it was guiding to operating earnings of NZ$235 million to NZ$265 million. This has been driven by COVID-19 impacts on tourism and mobility.
