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Why Blackmores, BWX, Fortescue, & Wesfarmers shares are dropping

These ASX shares are out of form on Wednesday…
The post Why Blackmores, BWX, Fortescue, & Wesfarmers 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 0.3% to 7,512.5 points.

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

Blackmores Limited (ASX: BKL)

The Blackmores share price is down almost 7% to $93.13. This is despite there being no news out of the health supplements company today. However, with its shares rising strongly in August, some investors could be taking a bit of profit off the table today.

BWX Ltd (ASX: BWX)

The BWX share price has fallen 4% to $4.90. Investors have been selling the personal care products company’s shares following the release of a broker note out of Citi this morning. According to the note, the broker has downgraded BWX’s shares to a neutral rating with a $5.63 price target. The broker made the move largely on valuation grounds following a strong share price gain in 2021.

Fortescue Metals Group Limited (ASX: FMG)

The Fortescue share price has tumbled 3.5% to $20.25. Investors have been selling the mining giant’s shares following another pullback in iron ore prices. According to CommSec, the spot iron ore price dropped by US$5.15 a tonne or 3.3% to US$152.60 a tonne overnight. A number of other miners with exposure to iron ore are dropping today as well.

Wesfarmers Ltd (ASX: WES)

The Wesfarmers share price has dropped 3.5% to $57.89. A good portion of this decline can be attributed to the conglomerate’s shares trading ex-dividend this morning for its final dividend. Last month the company declared a fully franked final dividend of 90 cents per share. Eligible shareholders can now look forward to receiving this dividend on 7 October. The same month they will be invited to vote on a proposed $2.00 per share capital return to be paid in December.

The post Why Blackmores, BWX, Fortescue, & Wesfarmers shares are dropping appeared first on The Motley Fool Australia.

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More reading

ASX 200 company bosses lobby for reopening plan

Which shares on the ASX 300 are on the move today?

ASX 200 midday update: Metcash update, Wesfarmers goes ex-div

Here’s why the Wesfarmers (ASX:WES) share price is sinking today
The Blackmores (ASX:BKL) share price surged 35% in August to a 52-week high. Here’s why.

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 owns shares of and has recommended BWX Limited, Blackmores Limited, and Wesfarmers Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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