The S&P/ASX 200 Index (ASX: XJO) is having a subdued session on Thursday. In afternoon trade, the benchmark index is down slightly to 8,539.3 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
The Qantas share price is down 3% to $10.41. This may have been driven by the release of the details of the Virgin Australia IPO yesterday. According to the term sheet, the airline will be offering its shares at $2.90 per share. This values the company at $2.32 billion. It is possible that some investors are taking profit on Qantas shares and looking to invest in this IPO now. The Qantas share price is up almost 70% since this time last year.
The Resimac share price is down 12% to 89 cents. This has been driven by the non-bank lender's shares going ex-dividend this morning for its special divided. Earlier this week, Resimac announced plans to pay shareholders a fully franked special dividend of 12 cents per share. This decision follows a comprehensive strategic review of its operating assets and capital requirements, which found that surplus capital was not essential for supporting its strategic objectives. Resimac will be paying this dividend later this month on 23 June.
The Tyro Payments share price is down 10% to 82.5 cents. Investors have been selling this payments company's shares following news that its CEO is leaving. According to the release, Tyro's CEO and Managing Director, Jon Davey, is stepping down after accepting the CEO role at a private equity backed business. He said: "It's been a privilege to lead Tyro. I'm proud of what we've achieved and confident in the company's future. I remain fully committed to supporting the business and ensuring a seamless handover to the next CEO."
The Soul Patts is down 3% to $40.14. This appears to have been driven by profit taking from investors after some very strong gains this week. Investors were buying the investment company's shares following news that it is merging with building products company Brickworks Ltd (ASX: BKW). Commenting on the deal, Soul Patts CEO, Todd Barlow, said: "Merging Soul Patts with Brickworks makes a lot of strategic and financial sense. It simplifies the structure, adds scale, and creates a more investable company. In many ways Soul Patts and Brickworks have evolved together and shared in the capital stability provided by our cross-shareholding over the past 56 years."
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