In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is out of form and has dropped into the red. The benchmark index is currently down 0.5% to 7,275.3 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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Macquarie Group Ltd (ASX: MQG)
The Macquarie share price is down over 2% to $172.77. This follows the release of a trading update from the investment bank this morning. While almost all its short-term outlook remains the same, Macquarie has warned that it now expects Macquarie Asset Management's asset realisations to be predominately in the second half.
Orora Ltd (ASX: ORA)
The Orora share price is down 17% to $2.92. This has been driven by news that the packaging company has completed the institutional component of its capital raising. Orora raised approximately $1,118 million at a 21.3% discount of $2.70 per new share. The funds will be used for the acquisition of Saverglass SAS for $2.156 billion.
Pointsbet Holdings Ltd (ASX: PBH)
The Pointsbet share price is down 55% to 74.5 cents. This morning, this sports betting company's shares traded ex-capital return. Following the initial completion of the sale of its US business, Pointsbet is returning $1 per share to shareholders later this month. A second capital return will follow once the sale is completed in full.
Sonic Healthcare Ltd (ASX: SHL)
The Sonic Healthcare share price is down over 3% to $31.34. This has been driven by the healthcare company's shares going ex-dividend this morning. Eligible shareholders can now look forward to receiving Sonic's 62 cents per share fully franked final dividend in their bank accounts on 21 September.
