The S&P/ASX 200 Index (ASX: XJO) is starting the week in a disappointing fashion. In afternoon trade, the benchmark index is down 0.4% to 8,262 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
Champion Iron Ltd (ASX: CIA)
The Champion Iron share price is down 9% to $5.70. This morning, this iron ore miner's shares went ex-dividend for its latest payout. Champion Iron will be paying eligible shareholders an 11 cents per share dividend later this month on 28 November. In addition, broad weakness in the mining sector appears to be weighing heavily on its shares on Monday.
Endeavour Group Ltd (ASX: EDV)
The Endeavour Group share price is down 4.5% to $4.51. This follows the release of a disappointing trading update from the drinks giant. The BWS and Dan Murphy's owner reported a modest 0.5% increase in group sales to $3,105 million for the three months. Endeavour Group's CEO, Steve Donohue, said: "Endeavour Group delivered a stable trading performance in the first quarter as cost of living pressures continued to impact consumer spending in our categories. This result demonstrates the value of our diversified portfolio, with the moderation in Retail sales during the quarter offset by a stronger performance in Hotels. Retail sales were in-line with the first quarter of the prior year and Hotels recorded 2.5% sales growth."
Infomedia Limited (ASX: IFM)
The Infomedia share price is down over 7% to $1.35. This has been driven by a guidance downgrade from the automotive industry software company. The company now expects revenue in the range of $142 million to $149 million. This compares to its previous guidance of $144 million to $154 million. While the company still expects a stronger second half FY 2025 performance, changing macro-economic conditions have contributed to a more conservative view around the ability to mitigate the impact of a major customer churn event that occurred in October.
Resolute Mining Ltd (ASX: RSG)
The Resolute Mining share price is down 30% to 46.7 cents. Investors have been selling this gold miner's shares after it advised that its CEO and two other executives were "unexpectedly detained" in Mali following a meeting with the government. The company said: "The executives were in Bamako to hold discussions with the mining and tax authorities regarding general activities related to Resolute's in-country business practices, and to progress open claims made against Resolute, which the Company maintains are unsubstantiated. Following the conclusion of these meetings on Friday, 8 November 2024, the three employees were unexpectedly detained." In Mali, it operates the large-scale Syama Gold Operation.
The post Why Champion Iron, Endeavour, Infomedia, and Resolute Mining shares are sinking today appeared first on The Motley Fool Australia.
Motley Fool contributor James Mickleboro has positions in Endeavour Group. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Infomedia. The Motley Fool Australia has recommended Infomedia. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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