In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small decline. At the time of writing, the benchmark index is down almost 0.2% to 8,407 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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ANZ Group Holdings Ltd (ASX: ANZ)
The ANZ share price is down 3% to $30.18. This follows news that the banking giant's CEO, Shayne Elliott, is stepping down from the role next year. The big four bank has already found Elliott's replacement. It has appointed Nuno Matos as its new CEO from 3 July 2025 on a $2.5 million a year deal. The market appears concerned by the timing of the change given that ANZ has just completed the acquisition of Suncorp Bank for $4.9 billion. Commenting on the appointment, ANZ's chair, Paul O'Sullivan, said: "We are very pleased an international banker of Nuno's calibre and extensive experience will be joining ANZ as our new Chief Executive to lead the execution of our strategy."
Calix Ltd (ASX: CXL)
The Calix share price is down almost 12% to 79.5 cents. This morning, this environmental technology company announced the completion of an institutional placement that raised $20 million at 75 cents per new share. This represents a 16.7% discount to its last close price. Calix will also push ahead with a share purchase plan that aims to raise $5 million on the same terms. Calix CEO, Phil Hodgson said: "This equity raise is designed to provide the capital and time needed to maintain momentum in commercialisation for a minimum of 18 months."
Paradigm Biopharmaceuticals Ltd (ASX: PAR)
The Paradigm Biopharmaceuticals share price is down over 16% to 48.5 cents. This has also been driven by a capital raising this morning. The biopharmaceuticals company has received firm commitments to raise $16 million through a placement to institutional and sophisticated investors. These funds were raised at a 31% discount of 40 cents per new share. Management notes that the funds raised will primarily be used to support its global phase 3 trials for osteoarthritis treatment with iPPS in 2025.
Platinum Asset Management Ltd (ASX: PTM)
The Platinum share price is down 14% to 89.5 cents. Investors have been selling this struggling fund manager's shares after its potential takeover by Regal Partners Ltd (ASX: RPL) collapsed. In addition, the company released a funds under management (FUM) update after the market on Friday which revealed that its FUM took a large hit in November. Not even the announcement of a 20 cents per share special dividend has been enough to support its shares today.
