In early afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a decline. At the time of writing, the benchmark index is down 0.4% to 8,237.8 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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4DMedical Ltd (ASX: 4DX)
The 4DMedical share price is down 6% to 63.5 cents. While the medical technology company released an investor presentation this morning, this doesn't appear to be the reason for the decline. Instead, profit taking seems to have been the catalyst for this weakness. After all, the 4DMedical share price is up 36% since this time last week despite today's decline. This strong gain has been driven by news of a major agreement with healthcare giant Phillips (NYSE: PHG) in the United States.
Qantas Airways Limited (ASX: QAN)
The Qantas Airways share price is down 3% to $7.19. This morning, Virgin Australia revealed that Qatar Airways Group intends to acquire a minority 25% equity stake in the airline from Bain Capital. This is subject to Foreign Investment Review Board approval. Management expects the deeper strategic relationship between Virgin Australia and Qatar Airways will drive increased competition in Australian aviation. It notes that this will ensure Australian consumers have access to even better value airfares and greater choice. Virgin Australia also revealed that it is looking at making a return to the ASX boards in the near future.
Ramelius Resources Ltd (ASX: RMS)
The Ramelius Resources share price is down 2% to $2.15. This follows another pullback in the gold price overnight. According to CNBC, the gold futures price is down 0.55% to US$2,653.6 an ounce. It isn't just the Ramelius Resources share price that is falling today. Most ASX gold shares are down during today's session. This has seen the S&P/ASX All Ordinaries Gold index drop approximately 1.5% on Tuesday.
Webjet Group (ASX: WJL)
The Webjet Group share price is down a further 8% to 92 cents. This online travel agent's shares have come under pressure this week. It seems that investors got a touch excited following its demerger from Web Travel Group Ltd (ASX: WEB) and bid its shares into overvalued territory. One leading broker that is likely to see value emerging in the online travel agent's shares now is Morgans. Last week, the broker initiated coverage on the spun off consumer business with an add rating and 95 cents price target.
