Why ANZ, Goodman, Magellan, and Super Retail shares are sinking today

These shares are having a very tough time on Thursday. But why?

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The S&P/ASX 200 Index (ASX: XJO) is having a difficult session on Thursday. In early afternoon trade, the benchmark index is down 1.05% to 8,330.5 points.

Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:

ANZ Group Holdings Ltd (ASX: ANZ)

The ANZ Group share price is down over 3% to $29.13. This follows the release of the banking giant's first quarter update this morning. The positives include the bank revealing customer deposit growth of 2% and net loans and advances growth of 4%. Whereas the negatives include gross impaired assets (GIA) increasing 11.8% or $200 million to $1.9 billion. This was primarily driven by Australian mortgage restructures.

Goodman Group (ASX: GMG)

The Goodman share price is down almost 6% to $33.93. The catalyst for this has been the industrial property giant completing a capital raising. Goodman revealed that it has successfully raised $4 billion through a fully underwritten institutional placement at a 6.9% discount of $33.50 per new share. The proceeds from the capital raising will provide financial flexibility for a range of growth initiatives, including the development of new powered shells and fully fitted data centre projects, expected to be operational by June 2026. Goodman will now seek to raise a further $400 million through a share purchase plan.

Magellan Financial Group Ltd (ASX: MFG)

The Magellan share price is down 10% to $9.10. This morning, the fund manager released its half year results and reported a 10% decline in adjusted net profit after tax to $84.1 million. This was despite performance fees increasing from $0.1 million to $6.1 million year on year. In light of this profit decline, the Magellan board has elected to cut its interim dividend by 10% to 26.4 cents per share. It will be 85% franked.

Super Retail Group Ltd (ASX: SUL)

The Super Retail share price is down 14% to $13.86. Investors have been selling this retail conglomerate's shares following the release of a disappointing half year result. Super Retail reported a 4% increase in sales to $2.1 billion but a 10% decline in normalised net profit after tax to $131 million. Management advised that its cost of doing business (CODB) as a percentage of sales increased by 30 basis points to 35.5% during the half. This reflects the impact of inflation on wages, occupancy costs, and network expansion. Also catching the eye was an 8% increase in group inventory to $69 million.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Goodman Group and Super Retail Group. The Motley Fool Australia has positions in and has recommended Super Retail Group. The Motley Fool Australia has recommended Goodman Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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