In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has run out of steam and is trading lower. At the time of writing, the benchmark index is down 0.25% to 7,368.8 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are tumbling lower:
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Coles Group Ltd (ASX: COL)
The Coles share price is down 4% to $16.39. This follows the release of its strategy day update this morning. Investors may have been disappointed to hear that the supermarket operator is expecting its capital expenditure and depreciation to increase in FY 2022. Coles is forecasting capital expenditure of $1.4 billion and depreciation of ~$1.7 billion in FY 2022. This is partly due to its investment in its distribution centres.
Creso Pharma Ltd (ASX: CPH)
The Creso Pharma share price has crashed 12.5% to 15.7 cents after announcing a merger with Canadian cannabis company Red Light Holland. Management notes that this will create a leading global psychedelics and cannabinoid company. Under the terms of the agreement, shareholders will receive 0.395 of a Red Light Holland share for each fully paid ordinary share of Creso Pharma. This currently equates to just 16 cents per share, compared to its last close price of 18 cents.
Ramelius Resources Limited (ASX: RMS)
The Ramelius share price has fallen 4% to $1.72. This gold miner's shares have come under pressure despite announcing that it has commenced ore mining at its Tampia gold mine. A pullback in the gold price overnight has offset this news and is leading to most gold miners sinking lower today.
Whitehaven Coal Ltd (ASX: WHC)
The Whitehaven Coal share price has tumbled 11% to $1.81 after downgrading its guidance. The coal miner revealed that it now expects FY 2021 production to be 20.4Mt. This compares to its previous guidance of 20.6Mt to 21.4Mt. One positive is that its cost guidance remains unchanged for FY 2021.
