The S&P/ASX 200 Index (ASX: XJO) is ending the week in a very disappointing fashion. In afternoon trade, the benchmark index is down 2.3% to 7,926.3 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are sinking:
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Commonwealth Bank of Australia (ASX: CBA)
The CBA share price is down 3% to $132.15. Investors have been selling off anything they can get their hands on today amid concerns that the US could be heading for a recession. Some of the worst impacted ASX shares are those that have risen strongly over the past 12 months. So, with CBA shares up over 30% since last year prior to today's decline, it isn't a surprise to see them come under pressure today. Particularly given that almost all brokers believe that its shares are vastly overvalued at current levels.
Core Lithium Ltd (ASX: CXO)
The Core Lithium share price is down 8.5% to 9.6 cents. This follows significant weakness in the lithium industry on Friday. This appears to have been driven by a combination of ongoing lithium price weakness and concerns that the US is heading for a recession following the release of disappointing economic data. The latter could be bad news for electric vehicle sales and put further pressure on lithium demand and prices.
Deep Yellow Limited (ASX: DYL)
The Deep Yellow share price is down 16% to $1.09. Investors have been selling off ASX uranium stocks today following an update from Kazatomprom. Last year, the world largest uranium miner downgraded its medium term production guidance due to challenges securing sulphuric acid. This sent uranium prices rocketing higher. Especially given increasing demand for the chemical element. However, overnight, Kazatomprom surprised the market by lifting its production guidance for FY 2024. It now expects U3O8 production volume (100% basis) of 22,500 tonnes to 23,500 tonnes. This is up from its previous guidance of 21,000 tonnes to 22,500 tonnes.
Orora Ltd (ASX: ORA)
The Orora share price is down almost 3% to $2.00. As well as being caught up in the market selloff, this packaging giant was the subject of a reasonably bearish broker note out of Citi this morning. According to a note, its analysts have downgraded the company's shares to a neutral rating with a reduced price target of $2.30 (from $2.86). The broker believes the Orora has a tough outlook and challenged balance sheet.
