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 0.3% to 7,512.5 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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Blackmores Limited (ASX: BKL)
The Blackmores share price is down almost 7% to $93.13. This is despite there being no news out of the health supplements company today. However, with its shares rising strongly in August, some investors could be taking a bit of profit off the table today.
BWX Ltd (ASX: BWX)
The BWX share price has fallen 4% to $4.90. Investors have been selling the personal care products company's shares following the release of a broker note out of Citi this morning. According to the note, the broker has downgraded BWX's shares to a neutral rating with a $5.63 price target. The broker made the move largely on valuation grounds following a strong share price gain in 2021.
Fortescue Metals Group Limited (ASX: FMG)
The Fortescue share price has tumbled 3.5% to $20.25. Investors have been selling the mining giant's shares following another pullback in iron ore prices. According to CommSec, the spot iron ore price dropped by US$5.15 a tonne or 3.3% to US$152.60 a tonne overnight. A number of other miners with exposure to iron ore are dropping today as well.
Wesfarmers Ltd (ASX: WES)
The Wesfarmers share price has dropped 3.5% to $57.89. A good portion of this decline can be attributed to the conglomerate's shares trading ex-dividend this morning for its final dividend. Last month the company declared a fully franked final dividend of 90 cents per share. Eligible shareholders can now look forward to receiving this dividend on 7 October. The same month they will be invited to vote on a proposed $2.00 per share capital return to be paid in December.
