In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has followed the lead of US markets and dropped deep into the red. At the time of writing, the benchmark index is down 1% to 7,043.4 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are sinking:
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Adairs Ltd (ASX: ADH)
The Adairs share price is down 10% to $2.28. Investors have been selling this homewares retailer's shares following the release of a disappointing full year result. Although Adairs reported a 12.9% increase in sales to a record $564.5 million, this couldn't stop it from posting a 29.6% decline in net profit after tax. Management advised that its margins were impacted by higher supply chain costs and greater promotional activity.
Adbri Ltd (ASX: ABC)
The Adbri share price is down 17% to $2.21. This has been driven by the building materials company's half year results release. Adbri reported an 8% increase in half year revenue but a 15% decline in statutory net profit after tax to $48.1 million. This was driven partly by extreme wet weather and higher supply chain costs.
Magellan Financial Group Ltd (ASX: MFG)
The Magellan share price has sunk 11% to $12.83. The catalyst for this has been the struggling fund manager's shares trading ex-dividend this morning for its final dividend of FY 2022. Eligible shareholders can now look forward to receiving this 68.9 cents per share dividend next month on 6 September.
Reliance Worldwide Corporation Ltd (ASX: RWC)
The Reliance Worldwide share price is down 7% to $4.19. This morning this plumbing parts company released its full year results and reported a 17% increase in sales to US$1.17 billion but a 3% decline in net profit after tax to US$137.4 million. The latter was a touch short of consensus estimates.
