The S&P/ASX 200 Index (ASX: XJO) is having a poor session. In afternoon trade, the benchmark index is down 0.25% to 7,286.8 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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Austal Ltd (ASX: ASB)
The Austal share price is down almost 7% to $1.82. This appears to have been driven by a broker note out of Macquarie this morning. Its analysts have downgraded this shipbuilder's shares to a neutral rating and slashed the price target on them to $1.95. The broker was disappointed with Austal's performance in FY 2023.
Chalice Mining Ltd (ASX: CHN)
The Chalice Mining share price is down a further 10.5% to $3.19. Investors have sold off this mineral exploration company's shares this week following the release of the scoping study for the Gonneville Nickel-Copper-PGE Project. The market appears disappointed with its plan to commence production in 2029 and sceptical over its commodity price assumptions. The study assumes prices that are higher than current levels despite it being almost impossible to forecast that far out.
Fortescue Metals Group Ltd (ASX: FMG)
The Fortescue share price is down 5% to $20.41. This follows news that another of the iron ore miner's executives has resigned. This appears to have rattled investors and seems to suggest that all is not well behind the scenes at the company.
Mayne Pharma Group Ltd (ASX: MYX)
The Mayne Pharma share price is down a further 9% to $3.33. This pharmaceutical company's shares have come under pressure since the release of its full-year results this week. Those results revealed that Mayne Pharma posted a massive net loss after tax of $317.4 million for FY 2023.
