Why Codan, CommBank, Rio Tinto, & Starpharma shares are sinking

It has been a bad start to the week for these ASX shares…

| More on:
disappointed and sad woman

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 week with a disappointing decline. At the time of writing, the benchmark index is down 1.8% to 7,233.7 points.

Four ASX shares that have fallen more than most today are listed below. Here's why they are sinking:

Codan Limited (ASX: CDA)

The Codan share price has fallen 11.5% to $17.09. This is despite there being no news out of the metal detector manufacturer. However, with the gold price plummeting, investors may believe that demand for metal detectors has now peaked. Some recent insider selling by its CEO may also be weighing on its shares.

Commonwealth Bank of Australia (ASX: CBA)

The Commonwealth Bank share price is down almost 5% to $98.84. This is despite the banking giant announcing the sale of its general insurance business this morning. However, all of the big four banks are tumbling lower today. This may be due to profit taking after some stellar gains in 2021.

Rio Tinto Limited (ASX: RIO)

The Rio Tinto share price is down 2.5% to $120.31. This morning analysts at UBS downgraded the mining giant's shares to a sell rating with a $104.00 price target. The broker made the move largely on valuation grounds and concerns that iron prices may have peaked. It suspects prices could halve in value over the next 18 months.

Starpharma Holdings Limited (ASX: SPL)

The Starpharma share price has tumbled 9% to $1.55. Investors have been selling the dendrimer products developer's shares following an update on its UK operations. According to the release, its UK retail partner, LloydsPharmacy, has received correspondence from the UK Medicines and Healthcare Products Regulatory Agency  regarding the promotional claims for the company's Viraleze antiviral nasal spray. This relates to references to SARS-CoV-2 and COVID-19. Sales have been suspended in the country while the matter is resolved.

James Mickleboro does not own any shares mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and has recommended Starpharma Holdings Limited. The Motley Fool Australia has recommended Starpharma Holdings Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Share Fallers

Frustrated stock trader screaming while looking at mobile phone, symbolising a falling share price.
Share Fallers

Why Block, Corporate Travel Management, Judo, and Zip shares are sinking today

These shares are missing out on the good times on Friday. But why?

Read more »

Man with a hand on his head looks at a red stock market chart showing a falling share price.
Share Fallers

These were the worst-performing ASX 200 shares in April

These shares were out of form last month. But why?

Read more »

Man waiting for his flight and looking at his phone.
Travel Shares

Corporate Travel shares crash 11% as Trump tariffs bite

Trump’s tariffs are roiling Corporate Travel shares on Friday.

Read more »

A young man clasps his hand to his head with his eyes closed and a pained expression on his face as he clasps a laptop computer in front of him, seemingly learning of bad news or a poor investment.
Share Fallers

Why Brainchip, DroneShield, Resolute Mining, and Woodside shares are falling today

These shares are under pressure on Thursday. What's going on?

Read more »

Man with a hand on his head looks at a red stock market chart showing a falling share price.
Share Fallers

Why Appen, Bank of Queensland, Novonix, and Ora Banda shares are falling today

These shares are having a tough time on hump day. But why?

Read more »

A woman with a sad face looks to be receiving bad news on her phone as she holds it in her hands and looks down at it.
Share Fallers

Why Brainchip, Catalyst Metals, Northern Star, and Pact Group shares are tumbling today

These shares are having a tough time on Tuesday. But why?

Read more »

A man holds his head in his hands, despairing at the bad result he's reading on his computer.
Share Fallers

Why Brambles, Bravura, Pantoro, and Telix shares are sinking today

These shares are starting the week in the red. But why?

Read more »

Frustrated stock trader screaming while looking at mobile phone, symbolising a falling share price.
Share Fallers

Why DroneShield, Generation Development, Oneview, and PWR shares are falling today

These shares are ending the week in the red. But why?

Read more »