The S&P/ASX 200 Index (ASX: XJO) is having a very tough session on Tuesday and has crashed deep into the red. In afternoon trade, the benchmark index is down 1.55% to 7,839.1 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
Brickworks Ltd (ASX: BKW)
The Brickworks share price is down 8% to $23.58. Investors have been selling this building products company's shares following the release of a trading update. Brickworks revealed that it expects to recognise a post-tax non-cash impairment charge of approximately $55 million (pre-tax $74 million) to Brickworks North America in its half year results. As a result, EBITDA in the segment is expected to be significantly lower year on year.
Nickel Industries Ltd (ASX: NIC)
The Nickel Industries share price is down 20% to 60.2 cents. This has been driven by concerns that the Indonesian government could be about to increase mining royalties. According to Reuters, Indonesia's mining ministry has put forward a proposal that would see nickel ore royalties rise from 10% to a progressive range of 14% to 19%, depending on benchmark prices. The nickel miner operates several key assets in Indonesia, including the Hengjaya Mine and multiple rotary kiln electric furnace (RKEF) projects.
Polynovo Ltd (ASX: PNV)
The Polynovo share price is down 9% to $1.14. This morning, this medical device company announced that its CEO, Swami Raote, is stepping down from his role. According to the release, while Mr Raote will officially cease employment with the company on 10 June 2025, he will no longer serve as CEO from today. The leadership change follows confidential discussions between the board and Raote, which ultimately did not result in an agreement. Polynovo believes new leadership is necessary to continue its growth and strategic direction.
Qantas Airways Ltd (ASX: QAN)
The Qantas share price is down 9% to $8.86. This morning, the airline operator's shares went ex-dividend for its first dividend since back in 2019. Last month, the Flying Kangaroo released its half year results and declared total dividends of 26.4 cents per share (including a special dividend). Eligible shareholders can look forward to receiving this dividend next month on 16 April. In addition, US airline stocks were sold off overnight after Delta Air Lines Inc (NYSE: DAL) downgraded its guidance due to weak demand. Investors appear concerned that this could soon happen in Australia and impact Qantas' performance.
The post Why Brickworks, Nickel Industries, Polynovo, and Qantas shares are sinking today appeared first on The Motley Fool Australia.
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 positions in and has recommended Brickworks and PolyNovo. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has recommended Delta Air Lines. The Motley Fool Australia has positions in and has recommended Brickworks. The Motley Fool Australia has recommended PolyNovo. 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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