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 currently down 0.7% to 7,100.5 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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Chalice Mining Ltd (ASX: CHN)
The Chalice Mining share price is down 12% to $6.67. This follows a very poor night of trade for a number of commodities underpinning its world-class Julimar Ni-Cu-PGE Project. This includes nickel and palladium, with the latter recording a double-digit decline over the last 24 hours.
Santos Ltd (ASX: STO)
The Santos share price has tumbled 3.5% to $7.29. Investors have been selling Santos and other energy shares following a sharp pullback in oil prices overnight. Prices have dropped to around US$100 a barrel amid talks between Russia and Ukraine, as well as new COVID lockdowns in China which may dampen demand.
Yancoal Australia Ltd (ASX: YAL)
The Yancoal share price is down a sizeable 19% to $4.20. The majority of this decline is attributable to the coal miner's shares going ex-dividend this morning for its massive 70.4 cents per share final dividend. Eligible shareholders can look forward to receiving this dividend at the end of next month on 29 April.
Zip Co Ltd (ASX: Z1P)
The Zip share price has continued its slide and is down a further 9% to a 52-week low of $1.41. This is despite there being no news out of the buy now pay later provider on Tuesday. The Zip share price has now lost a massive 67% since the start of the year and 83% over the last 12 months. But if the team at UBS is on the money, Zip's shares could still have further to fall. It recently slapped a sell rating and $1.00 price target on the company's shares.
