The S&P/ASX 200 Index (ASX: XJO) is on course to end the week with a small daily decline. In afternoon trade, the benchmark index is down 0.2% to 7,046.2 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are sinking lower:
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A2 Milk Company Ltd (ASX: A2M)
The A2 Milk share price has fallen 3.5% to $7.37. This infant formula company's shares have come under pressure this week after being downgraded by analysts at Morgans. The broker has suggested that an inventory build up and discounting could lead to a2 Milk falling short of its downgraded guidance in FY 2021.
Centaurus Metals Limited (ASX: CTM)
The Centaurus Metals share price is down 3.5% to 67.5 cents. This is despite the company announcing that it has secured possession of a further key piece of land that covers its 100%‐owned Jaguar Nickel Sulphide Project in northern Brazil. According to the release, the latest agreement covers an area of approximately 480 hectares and provides further security of land possession for the long‐term benefit of the Project. Weakness in the nickel price overnight could be weighing on its shares.
Kogan.com Ltd (ASX: KGN)
The Kogan share price has crashed 14% to $10.70. Investors have been selling the ecommerce company's shares following the release of a disappointing third quarter update. While Kogan's top line growth was strong, a jump in operating costs led to its operating earnings declining 24% compared to the prior corresponding period.
Youfoodz Holdings Ltd (ASX: YFZ)
The Youfoodz share price has sunk 14% to 60.5 cents. This morning the ready-made meals company released its third quarter update and revealed a 23.6% increase in prepared meals to a total of 4.9 million. This underpinned an 18.2% increase in gross revenues to $35.3 million. However, due to weak demand in the B2B market, Youfoodz advised that it would fall short of its revenue and EBITDA guidance.
