The S&P/ASX 200 Index (ASX: XJO) is running out of steam today and edging into the red. At the time of writing, the benchmark index is down 0.2% to 8,041 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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Alumina Ltd (ASX: AWC)
The Alumina share price is down 5% to $1.53. This morning, the alumina producer revealed that major shareholder, CITIC Group, has advised that it is supportive of its takeover by Alcoa Corp (NYSE: AA) and intends to vote in favour of the deal. CITIC Group has a 18.9% stake in the company. While this is positive news, it is having no effect on its share price today. That's because Alumina's takeover is an all-scrip deal. This means that it tends to move in line with the Alcoa share price at present. So, with Alcoa's shares taking a tumble on Wall Street overnight, Alumina's shares have fallen to reflect this.
Domino's Pizza Enterprises Ltd (ASX: DMP)
The Domino's Pizza share price is down 9% to $32.89. This follows news that the pizza chain operator plans to close approximately 80 underperforming stores in the Japan market. However, management advised that the majority of customers that ordered from these stores will be covered in the delivery network of remaining stores. Also, in France, Domino's is targeting a net 10-20 store reduction in FY 2025. Once again, it believes the majority of delivery orders from these stores will be serviced by neighbouring stores, resulting in earnings improvements.
DroneShield Ltd (ASX: DRO)
The DroneShield share price is down 2.5% to $1.78. This counter drone company's shares have come under pressure this week after its incredible rally ran out of steam. The company's market capitalisation rose to approximately $2 billion before its shares started to crater. This may have been driven profit taking from some investors, which then led to panic selling from other investors. DroneShield's shares remain up almost 500% since this time last year despite this week's selloff.
WiseTech Global Ltd (ASX: WTC)
The WiseTech Global share price is down 5.5% to $94.28. Investors have been selling WiseTech Global and other ASX tech stocks on Thursday following a selloff on the Nasdaq index on Wall Street overnight. Investors in the United States were locking in gains and rotating out of high-flying tech stocks and into other areas of the market. This has led to the S&P/ASX All Technology Index falling by a sizeable 2.2% today.
