In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week in the red. At the time of writing, the benchmark index is down 0.45% to 6,699.8 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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Allkem Ltd (ASX: AKE)
The Allkem share price is down 1.5% to $14.68. This follows the release of the lithium miner's quarterly update this morning. Although Allkem reported strong revenue and cash margins thanks to sky high lithium prices, investors appear concerned by rising project costs.
Bowen Coking Coal Ltd (ASX: BCB)
The Bowen Coking Coal share price is down 14% to 32.2 cents. This has been driven by the coal miner announcing the successful completion of an $85 million placement at discount of $0.30 per share. The funds raised from the placement will be applied to infrastructure guarantees and prepayments, growth and working capital.
Pantoro Ltd (ASX: PNR)
The Pantoro share price is down 16.5% to 14.2 cents. This has also been caused by the completion of an equity raising this morning. The gold miner revealed that it has received firm commitments for an institutional placement to raise $28.5 million at a discount of 14.5 cents per share. Proceeds will be applied to support the Norseman Project as it ramps up to full production, as well as for working capital.
Redbubble Ltd (ASX: RBL)
The Redbubble share price has continued its decline and is down a further 4.5% to 50.7 cents. Investors have been selling off this ecommerce company's shares this week following another poor update. As well as lacklustre top line growth, the company revealed a significant increase in its salaries and wages to $19.3 million for the quarter. This annualises at a massive $77.2 million.
