It hasn’t been a good day for these ASX shares…
The post Why BHP, Codan, IGO, & Origin shares are dropping appeared first on The Motley Fool Australia. –
The S&P/ASX 200 Index (ASX: XJO) is following the lead of US markets and on course to record another decline. At the time of writing, the benchmark index is down 0.4% to 7,473.3 points.
Four ASX shares that are falling more than most today are listed below. Here’s why they are dropping:
BHP Group Ltd (ASX: BHP)
The BHP share price a further 6% to $44.90. Investors have been selling BHP and other iron ore mining shares today after the price of the steel making ingredient pulled back. According to CommSec, the spot iron ore price lost US$6.45 a tonne or 4% and fell to US$153.05 a tonne.
Codan Limited (ASX: CDA)
The Codan share price has fallen 8% to $16.18. This follows the release of the metal detector focused technology company’s full year results this morning. Although Codan delivered a record profit and spoke positively about FY 2022, this was overshadowed by news that its long-serving CEO will be retiring within 9-12 months.
IGO Ltd (ASX: IGO)
The IGO share price has fallen 6% to $8.96. Investors have been selling the battery materials focused mining company’s shares after it confirmed its interest in acquiring nickel producer Western Areas Ltd (ASX: WSA). Investors don’t appear convinced with its plan, particularly given Western Areas’ underwhelming performance in recent years.
Origin Energy Ltd (ASX: ORG)
The Origin share price is down 4% to $4.20. This follows the release of the energy company’s full year results. Those results revealed a heavy loss for the 12 months ended 30 June. Origin posted an 8% decline in revenue to $1.2 billion and a statutory loss of $2.2 billion in FY 2021. Things were a bit better on an underlying basis, with EBITDA falling 35% to $2 billion. This was driven by a 32% decline in Energy Markets EBITDA to $991 million and a 35% reduction in Integrated Gas EBITDA to $1,135 million.
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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 no position in any of the stocks mentioned. 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 Bruce Jackson.