In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record another disappointing decline. At the time of writing, the benchmark index is down 0.75% to 7,236.2 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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Beach Energy Ltd (ASX: BPT)
The Beach Energy share price is down 8% to $1.67. This follows a series of negative developments for this energy producer all hitting at once. These include oil prices sinking overnight, Morgans downgrading its shares to a hold rating, and Beach being exposed to the Clough collapse. Clough was working on the Waitsia Stage 2 gas plant.
Bellevue Gold Ltd (ASX: BGL)
The Bellevue Gold share price is down 12% to $1.06. This has been driven by the gold miner completing its institutional placement this morning. According to the release, Bellevue Gold raised $60 million at $1.05 per new share. This represents a discount of 13.2% to its last close price. Proceeds will be used to accelerate underground development and exploration at the Bellevue Gold Project in Western Australia.
Block Inc (ASX: SQ2)
The Block share price is down almost 3% to $92.26. This follows a poor night of trade for the payments company's NYSE listed shares overnight. The Block share price came under pressure on Wall Street following a tech selloff amid concerns over rising interest rates.
Brainchip Holdings Ltd (ASX: BRN)
The Brainchip share price has sunk almost 9% to 62 cents. Once again, weakness in the tech sector is partly to blame for this. In addition, the loss-making semiconductor company has been targeted by short sellers recently. So much so, at the last count, it had a rather devilish 6.66% of its shares held short. Short sellers appear to believe Brainchip doesn't justify a $1.1 billion market capitalisation given its pitiful revenue generation.
