The S&P/ASX 200 Index (ASX: XJO) is on course to end the week deep in the red. At the time of writing, the benchmark index is down 0.8% to 8,137.6 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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BHP Group Ltd (ASX: BHP)
The BHP share price is down 2.5% to $44.27. This appears to have been driven by broad market weakness, which is being felt particularly hard in the mining sector today. Investors may be selling miners more because they have been rallying strongly in recent weeks. For example, the BHP share price remains up almost 15% since this time last month despite today's pullback.
Capstone Copper Corp (ASX: CSC)
The Capstone Copper Corp share price is down 3.5% to $11.53. This follows news that the copper miner's CEO John MacKenzie is stepping down. Capstone revealed that MacKenzie will transition from the role of CEO and be nominated to the role of non-executive chair of the board of directors. The company's current COO, Cashel Meagher, will succeed MacKenzie as the new CEO. Capstone Copper Corp is an Americas-focused copper mining company headquartered in Vancouver, Canada. It listed on the Australian share market in January.
Guzman Y Gomez Ltd (ASX: GYG)
The Guzman Y Gomez share price is down a further 1.5% to $37.91. Investors have been selling this quick service restaurant operator's shares this week following the release of a broker note out of Goldman Sachs. Its analysts initiated coverage on the company's shares with a sell rating and $33.20 price target. The broker said: "The basis of our Sell thesis is centered on 1) an overly ambitious long-term store expansion profile that has no recent successful precedent in the Australian market; and 2) a stretched valuation that has, inappropriately in our view, been pegged to the highest growth US-peers without taking into consideration the market differences and risks associated with an accelerated store expansion."
Magellan Financial Group Ltd (ASX: MFG)
The Magellan share price is down 3.5% to $9.61. This appears to have been driven by broad market weakness and the release of the fund manager's latest funds under management (FUM). For the month ended 30 September, the company reported net outflows of $0.2 billion. This was driven by net retail outflows of $0.2 billion, with net institutional flows flat for the period. Nevertheless, Magellan's FUM rose slightly month on month to $38 billion despite the outflows.
