The S&P/ASX 200 Index (ASX: XJO) is out of form and sinking into the red on Wednesday. In afternoon trade, the benchmark index is down 1.8% to 8,915.1 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are sinking:
Brightstar Resources Ltd (ASX: BTR)
The Brightstar Resources share price is down 3.5% to 53 cents. This morning, this gold developer announced the successful completion of a fully subscribed US$120 million bond issue to support the development of its Goldfields Project in Western Australia. Brightstar's managing director, Alex Rovira, said: "We are extremely pleased to have secured this US$120 million Bond, which is a strong endorsement of the Goldfields Project, the robust Feasibility Study outcomes and Brightstar's broader Target200 production strategy of becoming a Western Australia +200,000oz per annum gold producer."
Endeavour Group Ltd (ASX: EDV)
The Endeavour share price is down 5% to $3.78. This has been driven by the release of the drinks giant's half-year results. The Dan Murphy's owner posted a 0.9% increase in group sales to $6.7 billion but a 6.7% decline in underlying net profit after tax to $278 million and a 17.1% decline in statutory net profit after tax to $247 million. Nevertheless, Endeavour's managing director and CEO, Jayne Hrdlicka, was pleased. She said: "We are pleased to report that the Group has delivered a first half earnings result that demonstrates the strength in our customer franchise as we restart top line growth in Retail. In a challenging market, our increased focus on value and price leadership has been embraced by our customers and is delivering both sales growth and market share gains."
Evolution Mining Ltd (ASX: EVN)
The Evolution Mining share price is down 3.5% to $16.26. Investors have been selling Evolution Mining and other gold miners today following a pullback in the gold price overnight. The precious metal tumbled amid concerns that the war in the Middle East could cause inflation to spike and send interest rates higher again. This would reduce demand for the safe haven asset. The S&P/ASX All Ordinaries Gold index is down 3.3% at the time of writing.
Woolworths Group Ltd (ASX: WOW)
The Woolworths share price is down 3.5% to $35.55. This has been driven by the supermarket giant's shares going ex-dividend this morning for its interim dividend. Last month, Woolworths released its half-year results and declared a fully franked 45 cents per share dividend. Eligible shareholders can now look forward to receiving this next month on 2 April.
The post Why Brightstar, Endeavour, Evolution Mining, and Woolworths shares are falling today appeared first on The Motley Fool Australia.
Motley Fool contributor James Mickleboro has positions in Endeavour Group and Woolworths Group. 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 positions in and has recommended Woolworths 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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