Why BetMakers, Blackmores, Lynas, & Westgold shares are dropping

Some ASX shares have started the move deep in the red…
The post Why BetMakers, Blackmores, Lynas, & Westgold shares are dropping appeared first on The Motley Fool Australia. –

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to start the month with a decline. At the time of writing, the benchmark index is down 0.2% to 7,147.4 points.

Four ASX shares that are falling more than most today are listed below. Here’s why they are tumbling lower:

BetMakers Technology Group Ltd (ASX: BET)

The BetMakers share price has continued its slide and is down a further 8% to $1.07. Investors have been selling this betting technology company’s shares since it announced a $4 billion offer to acquire the Tabcorp Holdings Limited (ASX: TAH) Wagering and Media business last week. In fact, the company’s shares have now lost a third of their value since the announcement. The deal would see Tabcorp shareholders ultimately own a 65% stake in BetMakers.

Blackmores Limited (ASX: BKL)

The Blackmores share price has fallen 5% to $67.20. This is despite there being no news out of the health supplements company on Tuesday. This latest decline means the Blackmores share price is down almost 20% since this time last year.

Lynas Rare Earths Ltd (ASX: LYC)

The Lynas share price has tumbled 5% to $5.25. This decline may have been driven by profit taking from investors following a strong gain since the start of the year. For example, even after accounting for today’s decline, the Lynas share price is up 26% in 2021 and 150% over the last 12 months.

Westgold Resources Ltd (ASX: WGX)

The Westgold share price has dropped 1.5% to $2.24. This is despite the release of a corporate update. That update appears to suggest that management believes its shares are undervalued in comparison to its peers. The release notes that the company’s shares are trading at 8.2x earnings, compared to 14x earnings for many of its peers. While this may be the case, it hasn’t been enough to boost its shares today.  

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

*Returns as of May 24th 2021

More reading

Why BetMakers, Domain, Link, & Nuix shares are tumbling

News Corp (ASX:NWS) share price slides amid FOX Bet rumours
Why BetMakers, CSR, EOS, & Fisher & Paykel Healthcare are tumbling

Why Inghams, Latitude, Rio Tinto, & Tabcorp shares are charging higher

ASX 200 up 1.1%: Tabcorp receives $4bn offer, KKR wants Link’s PEXA business

The post Why BetMakers, Blackmores, Lynas, & Westgold shares are dropping appeared first on The Motley Fool Australia.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!