The S&P/ASX 200 Index (ASX: XJO) is having a rough session on Thursday. In afternoon trade, the benchmark index is down 1.3% to 7,580.2 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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Block Inc (ASX: SQ2)
The Block share price is down 3% to $99.93. This follows a broad selloff in the tech sector overnight on Wall Street which impacted the payments company's US listed shares. Investors were hitting the sell button after the US Federal Reserve suggested that rate cuts will still some way off.
Resolute Mining Ltd (ASX: RSG)
The Resolute Mining share price is down 6% to 40.25 cents. This follows the release of the gold miner's fourth quarter update after the market close on Wednesday. Investors appear disappointed that its full-year production dropped year on year to 330,994 ounces from 353,069 ounces. Nevertheless, a stronger gold price meant that full year EBITDA came in 11.5% higher year on year at $165 million.
Sayona Mining Ltd (ASX: SYA)
The Sayona Mining share price is down a further 7.5% to 3.7 cents. Investors have been selling this lithium miner's shares following the release of its quarterly update this week. That update revealed that its unit operating cost increased to A$1,397 per tonne, which is significantly more than its realised selling price of A$946 per tonne. As this is clearly unsustainable, the market appears to believe a production suspension is inevitable. There may also be questions over the availability of its $200 million lending facility given the current environment.
Syrah Resources Ltd (ASX: SYR)
The Syrah share price is down 11% to 37.5 cents. This is despite UBS retaining its buy rating on the graphite producer's shares with a lofty price target of $1.00. It was reasonably pleased with the company's quarterly update. Especially given the tough environment it is operating in at present.
