The S&P/ASX 200 Index (ASX: XJO) is having a poor session on Wednesday. In afternoon trade, the benchmark index is down 0.25% to 7,501.3 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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Arcadium Lithium (ASX: LTM)
The Arcadium Lithium share price is down 8.5% to $9.21. This follows a similarly sharp decline for Livent Corp shares on the NYSE overnight and in after-hours trade. Allkem and Livent are merging to become Arcadium. A number of lithium shares have fallen heavily amid concerns over falling battery material prices.
BHP Group Ltd (ASX: BHP)
The BHP share price is down almost 2% to $48.09. This also follows a poor night of trade for the mining giant's NYSE-listed shares. Investors were hitting the sell button after the World Bank warned that global economic growth would be the weakest in three decades during the first half of 2024. This appears to have sparked fears that demand for iron ore and other commodities could soften.
Core Lithium Ltd (ASX: CXO)
The Core Lithium share price is down 2.5% to 19 cents. Investors continue to sell down this lithium miner's shares after it suspended production to conserve cash. There are fears that this will create a gap in production in FY 2025 and lead to the company having to raise capital again.
Magellan Financial Group Ltd (ASX: MFG)
The Magellan share price is down over 3% to $8.88. This is despite there being no news out of the fund manager. However, some analysts believe that its shares have rallied too much in recent weeks. For example, earlier this week, Citi downgraded them to a sell rating with an $8.10 price target.
