In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a disappointing decline. At the time of writing, the benchmark index is down 0.5% to 7,306.9 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are sinking:
Image source: Getty Images
Adairs Ltd (ASX: ADH)
The Adairs share price is down a sizeable 10% to $4.11. This decline appears to have been driven by a broker note out of Ord Minnett this morning. According to the note, the broker has downgraded the homewares retailer's shares to a hold rating and cut the price target on them to $4.45. Ord Minnett suspects that its acquired Mocka business is underperforming expectations.
Flight Centre Travel Group Ltd (ASX: FLT)
The Flight Centre share price has fallen 2% to $15.27. This may have been driven by concerns over Sydney's COVID-19 outbreak and subsequent border closures. This looks set to negatively impact the domestic tourism market in the coming weeks. A number of other travel shares are trading lower today.
InvoCare Limited (ASX: IVC)
The InvoCare share price is down 2.5% to $11.29 despite there being no news out of the funerals company. However, late last week Citi downgraded the company's shares to a sell rating and cut the price target on them to $10.00. The broker suspects that InvoCare is losing market share despite acquisitions and significant investment. A lower death rate is also expected to weigh on demand in the near term.
Santos Ltd (ASX: STO)
The Santos share price has dropped 3% to $7.26. Investors have been selling the energy producer's shares after weakness in oil prices overnight. It isn't just the Santos share price that is under pressure today. In afternoon trade, the S&P/ASX 200 Energy index is down by 1.4%.
