In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has given back its morning gains and slipped into the red. At the time of writing, the benchmark index is down slightly to 8,324 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
Accent Group Ltd (ASX: AX1)
The Accent share price is down over 13% to $2.19. This follows the release of a trading update ahead of the footwear retailer's annual general meeting. Accent revealed that its sales growth has slowed since its last update. The HypeDC and The Athlete's Foot owner revealed that for the first 20 weeks of FY 2025, total group owned sales (including wholesale sales) are up 6.8% over the prior corresponding period. This is down from 8.7% growth during the first seven weeks of FY 2025. Management also advised that its gross margin has contracted 70 basis points due to a more promotional trading environment.
Sayona Mining Ltd (ASX: SYA)
The Sayona Mining share price is down 6.5% to 35.5 cents. This has been driven by the completion of a capital raise of approximately $40 million at a 15.8% discount of 3.3 cents per new share. The company is also seeking to raise a further $69 million. However, the latter will be subject to shareholder approval and the completion of its proposed merger with Piedmont Lithium Inc (ASX: PLL). Management believes the "merger marks a transformative step for Sayona and Piedmont, creating a leading North American lithium producer with the scale and capabilities to meet the growing demand for lithium products."
Web Travel Group Ltd (ASX: WEB)
The Web Travel share price is down 3% to $4.37. This business to business travel technology company's shares returned from suspension this morning after revealing the reason for its delayed half year results. The WebBeds owner advised that the delay is because its auditor Deloitte required more time to finalise them. This followed a "requirement to change the application of an accounting standard in respect of the recognition of supplier liabilities." The company adds that "the change has now been determined not to be material to the Company's earnings and financial position."
Weebit Nano Ltd (ASX: WBT)
The Weebit Nano share price is down 11% to $2.98. Investors have been selling this semiconductor company's shares despite there being no news out of it. Though, it is worth noting that the company recently raised a total of $50 million via an underwritten placement to institutional and sophisticated investors at $3.00 per new share. Some investors may have been selling these shares once they were issued to them this morning. These funds will be utilised for increased commercialisation activities as a result of expected new customer and partner agreements, as well as continued R&D to improve the technology.
The post Why Accent, Sayona Mining, Web Travel, and Weebit Nano shares are dropping today appeared first on The Motley Fool Australia.
Motley Fool contributor James Mickleboro has positions in Web Travel Group Limited. 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 recommended Accent Group. 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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