In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is off its intraday lows but remains on course to record another decline. At the time of writing, the benchmark index is down 0.25% to 7,218.5 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are tumbling lower:
Afterpay Ltd (ASX: APT)
The Afterpay share price is down 6% to $99.97. This follows a similarly severe decline in the Square share price overnight. As Square is hoping to acquire Afterpay in an all-scrip deal, the value of the takeover rises and falls with its share price. Though, that takeover hit a speed bump today. According to an announcement, the Afterpay shareholder vote on the takeover has been pushed back until early next year due to delays in gaining regulatory approval from the Bank of Spain. This may be a good thing given how the value of the offer has declined materially in recent weeks.
Liontown Resources Limited (ASX: LTR)
The Liontown Resources share price is down 14% to $1.65. The catalyst for this has been the completion of the lithium developer's equity raising this morning. Liontown has raised $450 million through a placement to institutional investors at a 14% discount of $1.65 per share. The proceeds from the equity raising will be used primarily for developing the Kathleen Valley Lithium Project.
Northern Star Resources Ltd (ASX: NST)
The Northern Star share price is down over 3% to $9.12. This follows broad weakness in the gold sector on Thursday. This weakness has led to the S&P/ASX All Ordinaries Gold index falling a sizeable 2.6%.
Xero Limited (ASX: XRO)
The Xero share price has tumbled 6% to $139.33. This appears to have been driven by a selloff in the tech sector today. It isn't just Xero's shares falling on Thursday, the S&P/ASX All Technology Index is down 2.6% this afternoon. This follows a very poor night of trade on the tech-focused Nasdaq index, which saw the famous index tumble 1.8% lower.
