In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a disappointing decline. At the time of writing, the benchmark index is down 0.6% to 6,649 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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Allegiance Coal Ltd (ASX: AHQ)
The Allegiance Coal share price is down a massive 66% to 18.5 cents. Investors have been selling this coal miner's shares following the release of a very disappointing update. Allegiance Coal has been unable to successfully ramp up production to previous expectations at its two operating mines. This has left it in a precarious position financially. In order to keep the lights on, the company has established a $5 million equity facility.
Hub24 Ltd (ASX: HUB)
The Hub24 share price is down 7% to $22.13. The catalyst for this was the release of the investment platform provider's fourth quarter update. Although that update revealed that Hub24 achieved a record annual increase in platform inflows of $11.7 billion in FY 2022, its soft finish to the year appears to have spooked investors. Hub24 revealed that it finished the period with funds under administration (FUA) of $65.6 billion. This was an increase of 11.8% year on year, but down 4% quarter on quarter.
Suncorp Group Ltd (ASX: SUN)
The Suncorp share price is down over 4% to $11.27. This morning the team at Ord Minnett downgraded this insurance giant's shares to a hold rating and cut the price target on them to $13.25. It isn't a fan of the company's decision to sell its banking operations.
WiseTech Global Ltd (ASX: WTC)
The WiseTech share price is down over 5% to $44.80. As well as being hit by weakness in the tech sector, the logistics solutions software company's shares were dealt a blow from Macquarie this morning. The broker has downgraded them to an underperform rating with a $42.00 price target. The broker suspects that the company's margins may be peaking, which it fears could weigh on its valuation.
