The S&P/ASX 200 Index (ASX: XJO) is having a subdued start to the week. In afternoon trade, the benchmark index is down slightly to 7,815.2 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
Block Inc (ASX: XYZ)
The Block share price is down 5% to $81.86. This follows a similar decline from the payments giant's NYSE listed shares overnight. This latest decline means that the Cash App and Afterpay owner's shares have now lost 45% of their value since the end of January.
Deep Yellow Ltd (ASX: DYL)
The Deep Yellow share price is down almost 7% to 85 cents. This follows broad weakness in the uranium industry and the release of a quarterly update from the uranium developer this morning. Deep Yellow revealed a net operating cash outflow of $9.2 million for the three months. Commenting on the quarter, Deep Yellow's CEO, John Borshoff, said: "We are at an extraordinary stage in the uranium supply sector. We have a situation where the long-term uranium market is essentially broken. This is due to more than a decade of sector inactivity, persistently depressed uranium prices, and utility offtake contracting practices which are yet to support the development of greenfields uranium production."
Perenti Ltd (ASX: PRN)
The Perenti share price is down 1.5% to $1.31. Investors have been selling the engineering company's shares following the release of an update on the Khoemacau Copper Mine in Botswana. Management advised that its underground mining business, Barminco, will finalise operations at the Khoemacau Copper Mine at the end of the current contract on 30 June 2025. Perenti's CEO, Mark Norwell, said: "The financial performance at Khoemacau has not met our internal performance hurdles and we must maintain our commercial discipline to enable consistent returns through economic cycles."
Zip Co Ltd (ASX: ZIP)
The Zip Co share price is down 7.5% to $1.53. This appears to have been driven by weakness in the tech sector following a poor night on the Nasdaq index on Monday. In addition, there could be some profit taking going on today after investors bid the buy now pay later provider's shares higher following the release of its third quarter update last week. For example, its shares remain up 5% since this time last week despite today's decline.
The post Why Block, Deep Yellow, Perenti, and Zip shares are dropping today appeared first on The Motley Fool Australia.
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 Block and Zip Co. The Motley Fool Australia has no position in any of the stocks mentioned. 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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