Image source: Getty Images
The S&P/ASX 200 Index (ASX: XJO) followed Wall Street’s lead and slipped into the red. In afternoon trading, the base index fell by 1.4% to 6,662.8 points.
Four ASX shares that are falling more than most today are listed below. Here’s why they provide:
Adbri shares fell 21% to $1.45. Investors are selling shares of the building materials company after it announced the departure of its CEO and posted disappointing trading update. The latter indicates that its profits will fall significantly in the 2022 financial year due to higher costs.
Costa Group Holdings Ltd (ASX: CGC)
Costa shares fell 13% to $2.01. It was conditioned news that Costa Citrus operations are down due to inclement weather. As a result, Costa currently expects full-year EBITDA-S to be marginally ahead of last year’s results. This compares with strong first half EBITDA-S growth of 12.6%.
Hawsons Iron Ltd (ASX: HIO)
Hawsons Iron shares fell a whopping 62% to 14c. This morning, Hawsons Iron revealed that escalating global costs and deteriorating economic conditions necessitated the decision to slow the feasibility study of the Hawsons Iron project. Management believes it would be prudent to preserve capital while exploring all options for project development.
Medibank Private Ltd (ASX: MPL)
Medibank shares fell 3.5% to $3.40. Investors are selling shares of the private health insurance giant in its wake the latest victim of a cyber attack. The good news is that Medibank appears to have reacted quickly enough to prevent customer data being hijacked or ransomware being installed. The company has now implemented additional security measures on its network, strengthening the integrity of its systems.