The S&P/ASX 200 Index (ASX: XJO) is having a disappointing finish to the week. In afternoon trade, the benchmark index is down 0.7% to 8,298.5 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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APA Group (ASX: APA)
The APA Group share price is down 5.5% to $7.21. This follows reports that the energy infrastructure company's largest shareholder has been selling down its holding. Trading data shows that approximately $500 million worth of APA shares changed hands before the market open for an average of $7.23 per share. Reports claim that the seller was Unisuper, which held a 9.97% stake in the company.
Flight Centre Travel Group Ltd (ASX: FLT)
The Flight Centre share price is down 17% to $17.94. Investors have been selling this travel agent's shares following the release of a first quarter trading update. Flight Centre revealed that its total transaction value (TTV), profit margin, and underlying profit was "marginally above" the prior corresponding period during the three months. Management also warned that trading had been volatile, with "some inconsistency month-to-month." FY 2025 guidance will be provided at its annual general meeting next month.
Harvey Norman Holdings Limited (ASX: HVN)
The Harvey Norman share price is down 1.5% to $4.85. This morning, the retail giant revealed that the Federal Court of Australia has found in favour of Australian Securities and Investments Commission (ASIC) in proceedings brought against it. Harvey Norman advised that it will review the reasons for the decision carefully before deciding whether to appeal it. The proceedings were in relation to allegations that Harvey Norman misled customers with "no deposit" and "interest free" promotions.
Lynas Rare Earths Ltd (ASX: LYC)
The Lynas share price is down 2% to $7.62. This may have been driven by a broker note out of Bell Potter this morning. According to the note, the broker has downgraded Lynas' shares to a hold rating (from buy) with a reduced price target of $8.00 (from $8.30). Bell Potter suspects that the company could fall short of expectations with its upcoming quarterly update. It said: "We estimate 1QFY25 NdPr production of 1,426t (-5% QoQ, -13% below VA cons), revenue of $121m (-12% QoQ). Management guided to a slow start to FY25 at the FY24 result, with the planned shutdown towards the end of CY24 and the delay in the Mt Weld expansion (scheduled completion mid-CY25)."
