Why BetMakers, Blackmores, Lynas, & Westgold shares are dropping

Some ASX shares have started the move deep in the red…

| More on:
white arrow dropping down representing the 10 most shorted shares on the ASX

Image source: Getty Images

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 start the month with a decline. At the time of writing, the benchmark index is down 0.2% to 7,147.4 points.

Four ASX shares that are falling more than most today are listed below. Here's why they are tumbling lower:

BetMakers Technology Group Ltd (ASX: BET)

The BetMakers share price has continued its slide and is down a further 8% to $1.07. Investors have been selling this betting technology company's shares since it announced a $4 billion offer to acquire the Tabcorp Holdings Limited (ASX: TAH) Wagering and Media business last week. In fact, the company's shares have now lost a third of their value since the announcement. The deal would see Tabcorp shareholders ultimately own a 65% stake in BetMakers.

Blackmores Limited (ASX: BKL)

The Blackmores share price has fallen 5% to $67.20. This is despite there being no news out of the health supplements company on Tuesday. This latest decline means the Blackmores share price is down almost 20% since this time last year.

Lynas Rare Earths Ltd (ASX: LYC)

The Lynas share price has tumbled 5% to $5.25. This decline may have been driven by profit taking from investors following a strong gain since the start of the year. For example, even after accounting for today's decline, the Lynas share price is up 26% in 2021 and 150% over the last 12 months.

Westgold Resources Ltd (ASX: WGX)

The Westgold share price has dropped 1.5% to $2.24. This is despite the release of a corporate update. That update appears to suggest that management believes its shares are undervalued in comparison to its peers. The release notes that the company's shares are trading at 8.2x earnings, compared to 14x earnings for many of its peers. While this may be the case, it hasn't been enough to boost its shares today.  

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 Betmakers Technology Group Ltd. The Motley Fool Australia owns shares of and has recommended Blackmores Limited. The Motley Fool Australia has recommended Betmakers Technology Group Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Share Market News

Businessman working and using Digital Tablet new business project finance investment at coffee cafe.
Share Market News

Down 90% from its 2021 peak, can IDP Education shares turn around?

Is this beaten down stock a buy? Let's find out.

Read more »

Contented looking man leans back in his chair at his desk and smiles.
Share Market News

5 things to watch on the ASX 200 on Thursday

Will the market continue to rise? Let's find out.

Read more »

Man holding out Australian dollar notes, symbolising dividends.
Broker Notes

The smartest Australian stocks to buy with $250 right now

$250 to invest? Check out these stocks that brokers rate as buys.

Read more »

Rising gold share price represented by a green arrow on piles of gold block.
Share Gainers

2 ASX All Ords stocks that would already have more than doubled your money this year

These ASX All Ords stocks have gained 126% and 145% year to date. But how?

Read more »

A woman wearing dark clothing and sporting a few tattoos and piercings holds a phone and a takeaway coffee cup as she strolls under the Sydney Harbour Bridge which looms in the background.
Broker Notes

1 magnificent Aussie stock down 23% to buy and hold forever

Let's see why this could be a top share to buy while it is down.

Read more »

Ten smiling business people wave to the camera after receiving some winning company news.
Share Gainers

Here are the top 10 ASX 200 shares today

It was an historic day for the ASX, with the market setting a new record.

Read more »

Three people in a corporate office pour over a tablet, ready to invest.
Broker Notes

Top brokers name 3 ASX shares to buy today

Here's what brokers are recommending as buys this week.

Read more »

A man has a surprised and relieved expression on his face. as he raises his hands up to his face in response to the high fluctuations in the Galileo share price today
Broker Notes

Bell Potter says this ASX 200 stock can rise 100%+

Let's see which stock the broker is tipping as a buy to clients.

Read more »