The S&P/ASX 200 Index (ASX: XJO) is out of form again on Tuesday. In afternoon trade, the benchmark index is down 0.9% to 7,143.3 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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Codan Limited (ASX: CDA)
The Codan share price is down 4% to $7.16. Investors have been selling this metal detector focused technology company's shares this week after S&P Dow Jones Indices kicked it out of the ASX 200 index at the next quarterly rebalance.
Incitec Pivot Ltd (ASX: IPL)
The Incitec Pivot share price is down 2.5% to $3.51. This appears to have been driven by a broker note out of Ord Minnett this morning. According to the note, the broker has downgraded this industrial chemicals company's shares to a hold rating with a $3.90 price target. Ord Minnett has a few concerns with the company's plans to spin off its commercial explosives business.
Xero Limited (ASX: XRO)
The Xero share price is down 3% to $82.00. This follows broad weakness in the tech sector on Tuesday which has seen this side of the market become a sea of red. The S&P/ASX All Technology Index is down 1.8% at the time of writing.
Zip Co Ltd (ASX: ZIP)
The Zip share price is down 10% to 68.7 cents. Investors have been selling Zip and other buy now pay later (BNPL) shares after tech giant Apple announced the launch of its BNPL service. Apple Pay Later allows users to split the cost of an Apple Pay purchase into four equal payments with no interest. The service works with any merchant that already supports Apple Pay and does not require a new payments terminal.
