In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to give back all of yesterday's gain. At the time of writing, the benchmark index is down 0.75% to 7,314.6 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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Ingenia Communities Group (ASX: INA)
The Ingenia share price is down 3.5% to $6.29. This follows the completion of the institutional component of this retirement community development company's equity raising. Ingenia has raised $370 million from institutional investors at $6.12 per new share. The company will now seek to raise a further $105 million from retail shareholders. The proceeds will be used to partly fund $552 million of strategic acquisitions.
Insurance Australia Group Ltd (ASX: IAG)
The IAG share price has sunk 7.5% to $4.48. Investors have been selling this insurance giant's shares following an update on its net natural perils claim costs for FY 2022. This follows severe storm and hail activity experienced over the course of October. IAG has increased its expectation for FY 2022 net natural perils claim costs from $765 million to $1,045 million. As a result, the company has downgraded its FY 2022 insurance margin guidance range from 13.5% – 15.5% to 10% – 12%.
Vulcan Energy Resources Ltd (ASX: VUL)
The Vulcan share price has continued its slump and is down a further 7% to $11.14. Investors have been selling this lithium developer's shares in recent sessions after it was the target of a short seller attack. While the company has refuted the claims, it hasn't been enough to keep some investors on board.
Westpac Banking Corp (ASX: WBC)
The Westpac share price is down a further 3% to $23.06. Investors have been selling this banking giant's shares after brokers responded poorly to Monday's full year results release. One of those brokers was Goldman Sachs, which downgraded the bank's shares to a neutral rating with a $25.60 price target. It made the move largely on Westpac's weaker net interest margin trajectory.
