The S&P/ASX 200 Index (ASX: XJO) is having a tough time on Monday. In afternoon trade, the benchmark index is down 0.55% to 7,002.1 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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BHP Group Ltd (ASX: BHP)
The BHP share price is down 1.5% to $46.58. Investors have been selling the mining giant's shares on Monday following weakness in iron ore prices on Friday night. Other iron ore miners have dropped along with BHP today.
Core Lithium Ltd (ASX: CXO)
The Core Lithium share price is down over 4% to 33 cents. This has been driven by broad weakness in the lithium industry today, which has seen most ASX lithium shares tumble. Concerns over falling lithium prices seem to be behind this selling.
IGO Ltd (ASX: IGO)
The IGO share price is down 2.5% to $8.51. As well as weakness in the lithium industry, there was some news out of this battery materials miner today. It confirmed that Ivan Vella will become its new CEO as planned next month. Since his appointment, Vella has been fired from his role at Rio Tinto Ltd (ASX: RIO) following a policy breach.
Smartpay Holdings Ltd (ASX: SMP)
The Smartpay share price is down 5% to $1.23. This morning, this payments company released its half-year results and reported revenue of NZ$46.9 million and EBITDA of NZ$10.6 million. This represents a 33% and 31% increase, respectively, over the prior corresponding period. However, heading in the wrong direction was its free cash flow, which fell 72% to NZ$1 million.
