In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small decline. At the time of writing, the benchmark index is down 0.1% to 6,968 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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ANZ Group Holdings Ltd (ASX: ANZ)
The ANZ share price is down 3% to $24.71. This follows the release of the banking giant's full-year results this morning. Although ANZ reported record cash earnings for FY 2023, it was still short of expectations. Goldman Sachs said: "ANZ reported FY23 cash earnings (company basis) from continued operations were up 14% on pcp to A$7,405 mn, 4% below GSe, with the miss driven by lower than expected interest income."
Macquarie Group Ltd (ASX: MQG)
The Macquarie share price is down almost 2.5% to $158.98. This has been driven by the investment bank's shares going ex-dividend on Monday. Eligible shareholders can now look forward to receiving the bank's partially franked interim dividend of $2.55 per share next month on 19 December.
TPG Telecom Ltd (ASX: TPG)
The TPG share price is down 11% to $4.85. Investors have been selling this telco's shares on Monday after it announced that a $6.3 billion deal to sell its Enterprise, Government and Wholesale assets and associated fixed infrastructure assets to Vocus has collapsed. TPG advised that "the parties have been unable to reach alignment on the operating model and commercial terms."
Xero Limited (ASX: XRO)
The Xero share price is down a further 2% to $97.76. This cloud accounting platform provider's shares have come under pressure in recent sessions following the release of its half-year results. Goldman Sachs sees this as a buying opportunity. Last week it reiterated its buy rating with a $141.00 price target.
