The S&P/ASX 200 Index (ASX: XJO) has failed to follow the lead of Wall Street and is edging lower. In afternoon trade, the benchmark index is down 0.1% to 7,142.7 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are sinking:
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Nufarm Ltd (ASX: NUF)
The Nufarm share price is down 14% to $5.01. The catalyst for this is news that a major shareholder has sold down its position in the agricultural chemicals company. Sumitomo Chemical Company has decided to sell its 15.9% shareholding in Nufarm for an average of $5.38 per share. This was a 7.8% discount to its last close price.
Sayona Mining Ltd (ASX: SYA)
The Sayona Mining share price is down a further 12% to 20.7 cents. This lithium explorer's shares have come under pressure since the release of a disappointing pre‐feasibility study (PFS) for the North American Lithium operation in Canada. That PFS found that the project has a pre‐tax net present value of A$1 billion, which was a lot lower than many were expecting.
Tabcorp Holdings Limited (ASX: TAH)
The Tabcorp share price is down 81% to 99.7 cents. The catalyst for this was the demerger of its lottery and Keno businesses into a separate listed entity – The Lottery Corporation Limited (ASX: TLC). This will leave Tabcorp with its wager and media and gaming services businesses. The good news is that the combined market capitalisation of Tabcorp and The Lottery Corporation is more than Tabcorp was valued at yesterday. So, investors are still better off despite this huge decline.
TechnologyOne Ltd (ASX: TNE)
The TechnologyOne share price is down 1.5% to $10.23. This follows the release of the enterprise software company's half-year results. While TechnologyOne reported a 19% increase in revenue to $172.5 million and a 44% jump in SaaS annual recurring revenue (ARR) to $225.1 million, its earnings fell short of expectations. This was driven softer than expected margins.
