In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has recovered from its intraday lows but remains on course to record yet another sizeable decline. At the time of writing, the benchmark index is down 1.1% to 7,038.1 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are sinking:
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AUB Group Ltd (ASX: AUB)
The AUB share price is down 11.5% to $19.53. This morning the insurance broker announced the successful completion of the institutional component of its $350m capital raising. These funds were raised at $19.50 per new share, which represented an 11.6% discount to its last close price. The proceeds will be used to fund the acquisition of Tysers for $880 million.
Block Inc (ASX: SQ2)
The Block share price is down 8.5% to $122.71. This follows an even greater decline by the payments giant's NYSE listed shares during overnight trade on Wall Street. Investors were selling Block's shares amid weakness in the tech sector, a significant drop in the bitcoin price, and the release of several less-than-bullish broker notes.
BrainChip Holdings Ltd (ASX: BRN)
The BrainChip share price is down 13% to $1.05. Investors have been selling this artificial intelligence technology company's shares despite there being no news out of it. However, its shares did surge higher yesterday amid excitement over an unannounced partnership with Arm. This may have led to some traders taking profit today.
Pushpay Holdings Ltd (ASX: PPH)
The Pushpay share price is down 4.5% to $1.20. This decline may have been driven by investor nerves ahead of the payments company's full-year results release tomorrow. Pushpay's results have been a touch underwhelming over the last 18 months, putting significant pressure on its shares. Some investors may be fearing tomorrow's will be the same.
