Why CBA, Mount Gibson, Pilbara Minerals, & Virgin Money shares are dropping

These ASX shares are ending the week in the red…

| More on:
A man stands in front of a chart with an arrow going down and slaps his forehead in frustration.

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 end the week deep in the red. At the time of writing, the benchmark index is down 2.1% to 7,176.9 points.

Four ASX shares that are falling more than most today are listed below. Here's why these ASX shares are dropping:

Commonwealth Bank of Australia (ASX: CBA)

The CBA share price is down 4% to $99.96. This appears to have been driven by a market selloff, which has been particularly bad in the banking sector. All the big four banks are falling heavily today and are weighing greatly on the ASX 200. This may have been driven partly by the release of data out of the ABS.

Mount Gibson Iron Limited (ASX: MGX)

The Mount Gibson Iron share price has sunk 7% to 44.5 cents. This morning the iron ore miner announced that its Shine operations will be ramped down and suspended after the next planned shipment. Management advised that this decision reflects a rapid deterioration in iron ore prices, particularly for lower and medium grade ores.

Pilbara Minerals Ltd (ASX: PLS)

The Pilbara Minerals share price is down 5% to $1.94. This decline appears to have been driven by profit taking from some investors amid the market volatility. After all, even after this pullback, the lithium miner's shares are up over 120% since the start of 2021.

Virgin Money UK CDI (ASX: VUK)

The Virgin Money UK share price is down 8% to $3.72. As well as weakness in the banking sector, an announcement out of the UK bank appears to be weighing on its shares. Virgin Money UK has decided to accelerate its digital strategy in order to enable greater efficiency and drive up levels of digitisation across the bank. This will see it close a fifth of its branches in the coming months at a cost of GBP25 million.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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

A male investor wearing a blue shirt looks off to the side with a miffed look on his face as the share price declines.
Share Fallers

Why Megaport, Pilbara Minerals, Vysarn, and WiseTech shares are falling today

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

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 Accent, Sayona Mining, Web Travel, and Weebit Nano shares are dropping today

These shares are having a tough time on Thursday. Why are they being sold off?

Read more »

A smartly-dressed man screams to the sky in a trendy office.
Share Fallers

Why Appen, DroneShield, PWR, and Webjet shares are sinking today

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

Read more »

a car driver sits up and looks alert with wide eyes and an expression of concentration while he holds the wheel of a car.
Share Fallers

Why this ASX All Ordinaries stock just crashed 24%!

Investors are punishing the ASX All Ords company today. Let’s find out why.

Read more »

A male investor wearing a blue shirt looks off to the side with a miffed look on his face as the share price declines.
Share Fallers

Why Elders, KMD, Lovisa, and Telix shares are dropping today

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

Read more »

A woman with short brown hair and wearing a yellow top looks at the camera with a puzzled and shocked look on her face as the Westpac share price goes down for no reason today
Share Fallers

Why Life360, Lovisa, NAB, and Resolute shares are falling today

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

Read more »

A young woman holds an open book over her head with a round mouthed expression as if to say oops as she looks at her computer screen in a home office setting with a plant on the desk and shelves of books in the background.
Healthcare Shares

This ASX All Ords share is diving 18% as inflation pain draws blood

This healthcare company delivered a trading update at its annual general meeting today.

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 Healius, Opthea, Peninsula Energy, and Wildcat shares are falling today

These shares are having a tough finish to the week. But why?

Read more »