In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small decline. At the time of writing, the benchmark index is down 0.25% to 6,981.6 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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DGL Group Ltd (ASX: DGL)
The DGL share price is down 26% to $2.10. This is despite the diversified industrial group reporting strong sales and profit growth for FY 2022 this morning. Investors appear to have been spooked by the company's outlook for the year ahead and its poor cash flow conversion.
PointsBet Holdings Ltd (ASX: PBH)
The PointsBet share price is down 13% to $2.86. Investors have been selling this sports betting company's shares following the release of its full year results for FY 2022. PointsBet reported a 52% increase in revenue to $296.5 million but a loss after tax almost as great at $267 million. Nevertheless, the company finished the year with a sizeable cash balance of $472 million.
Tabcorp Holdings Limited (ASX: TAH)
The Tabcorp share price is down 5.5% to 95.5 cents. The catalyst for this decline has been the gambling company's shares trading ex-dividend this morning for its final dividend of FY 2022. Eligible shareholders can now look forward to receiving this fully franked 6.5 cents per share dividend next month on 23 September.
Woodside Energy Group Ltd (ASX: WDS)
The Woodside share price is down almost 4% to $34.54. This follows a sharp pullback in oil prices overnight and the release of a couple of less-than-bullish broker notes this morning. In respect to the latter, Morgans and UBS have downgraded the energy producer's shares to a neutral rating today.
