The S&P/ASX 200 Index (ASX: XJO) appears to have run out of steam on Thursday. In afternoon trade, the benchmark index is down 0.25% to 7,109.4 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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Blackmores Ltd (ASX: BKL)
The Blackmores share price is down 9% to $74.01 after the release of the health supplements company's full year results. Blackmores reported a 12.8% increase in revenue to $649.5 million and an underlying net profit after tax up 22.6% to $31.1 million. Investors appear to have been expecting stronger growth.
Codan Limited (ASX: CDA)
The Codan share price is down 10% to $7.91. This morning this metal detector focused technology company released its full year results and reported a 3% increase in underlying net profit after tax to $100.5 million. While this was a record profit for Codan, it represents a sharp slowdown on its first half profit growth of 21%.
Lake Resources N.L. (ASX: LKE)
The Lake share price is down 6% to $1.19. This is despite there being no news out of the lithium developer today. However, it is worth noting that a number of lithium shares are sliding on Thursday. This may be due to renewed concerns over the prospect of a global recession, which could impact demand for electric vehicles and therefore lithium.
Xero Limited (ASX: XRO)
The Xero share price is down over 7% to $90.40. This follows the release of the cloud accounting software company's annual general meeting update. Analysts at Macquarie note that Xero's update revealed revenue growth largely in line with expectations. However, it was slightly concerned with the company's customer subscriptions in the key UK market.
