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