The S&P/ASX 200 Index (ASX: XJO) is having an underwhelming session on Wednesday. In afternoon trade, the benchmark index is down slightly to 7,967.4 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
Image source: Getty Images
Argosy Minerals Limited (ASX: AGY)
The Argosy Minerals share price is down a whopping 38% to 5 cents. This morning, this lithium miner announced the indefinite suspension of operations at the Rincon Lithium Project in Argentina. The company made the move in response to current lithium market conditions and near-term lithium price forecasts. Management intends to maintain and preserve the facility during this period. It will also retain optionality to resume operations if there is a sustained increase in lithium prices and appropriate operational conditions.
Flight Centre Travel Group Ltd (ASX: FLT)
The Flight Centre share price is down 4% to $22.05. This follows the release of an update on the travel agent's guidance for FY 2024. Flight Centre now expects its profit before tax (PBT) to be in the range of $316 million to $324 million for the year. Managing director, Graham Turner, said: "While market conditions were challenging during FY24, we again delivered solid TTV growth as customers prioritised travel over other areas of discretionary spend. Year-on-year growth rates were, however, adversely impacted by the Indian wholesale foreign exchange business's closure (FY23: $360m TTV) and significant airfare price deflation during the 2H."
Mesoblast Ltd (ASX: MSB)
The Mesoblast share price is down 9% to $1.19. This appears to have been driven by profit taking after a strong session on Tuesday following the release of an announcement. That announcement revealed that the US FDA has accepted its Biologics License Application (BLA) resubmission for Ryoncil (remestemcel-L) in the treatment of children with steroid-refractory acute graft versus host disease. While this is good news, it isn't an approval, nor is it a surprise, so investors may have overreacted to yesterday's announcement.
Telix Pharmaceuticals Ltd (ASX: TLX)
The Telix Pharmaceuticals share price is down 5% to $19.24. Investors have been selling this radiopharmaceuticals company's shares after it raised funds via a convertible bonds offering. Telix has successfully priced A$650 million 2.375% convertible notes that will be due in 2029. Telix's CEO, Dr. Christian Behrenbruch, said: "The Convertible Bonds provide us with attractive, low-cost financing at a clear inflection point in Telix's journey. The proceeds deliver financial flexibility to execute on our strategic priorities, while reducing potential dilution of existing shareholders."
