In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has failed to follow Wall Street's lead and has dropped into the red. The benchmark index is currently down 0.25% to 8,180.2 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
Clearview Wealth Ltd (ASX: CVW)
The Clearview Wealth share price is down 26% to 38.7 cents. This follows the release of the life insurance business' annual general meeting presentation. At the event, management stated: "For the first quarter of FY25, we have maintained our new business momentum and our lapse experience and expense management continues to be within expectation. However, we have seen a material increase in claims in the first quarter of FY25 in select pockets of our legacy Life Solutions portfolio."
National Australia Bank Ltd (ASX: NAB)
The NAB share price is down 1% to $38.89. Investors have been selling this banking giant's shares following the release of its full year results this morning. NAB posted a 2% decline in revenue and an 8.1% fall in cash earnings to $7.1 billion. The main drag on its performance was its Personal Banking segment. Its cash earnings fell 19.6% to $1,174 million due to lower revenue and modest operating expense growth. Segment revenue was hit by lower margins mainly impacted by competitive home lending pressures and deposit mix.
Resolute Mining Ltd (ASX: RSG)
The Resolute Mining share price is down 8.5% to 68.2 cents. Investors have been selling this gold miner's shares following a sharp pullback in the gold price overnight following Donald Trump's election victory in the United States. Investors appear to believe that Trump's win is not good news for the gold price outlook. It isn't just Resolute Mining that is falling heavily on Thursday. At the time of writing, the S&P/ASX All Ordinaries Gold index is down by a sizeable 6.2%.
Westpac Banking Corp (ASX: WBC)
The Westpac share price is down 2.5% to $31.43. This has been driven by the banking giant's shares going ex-dividend this morning. Earlier this week, Westpac reported a 3% decline in net profit after tax to $6.99 billion. Thankfully for investors, this earnings decline didn't stop the Westpac board from increasing its dividend to a fully franked $1.66 per share. This includes a final dividend of 76 cents per share, which will be paid to eligible shareholders next month on 19 December.
The post Why Clearview, NAB, Resolute Mining, and Westpac shares are dropping today appeared first on The Motley Fool Australia.
Motley Fool contributor James Mickleboro has positions in Westpac Banking Corporation. 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 Scott Phillips.
The Motley Fool's purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 2024