Why Adairs, Betmakers, Magellan, and Northern Star shares are dropping


In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small decline after giving back its morning gains. At the time of writing, the benchmark index is down slightly to 7,291.5 points.

Four ASX shares that are falling more than most today are listed below. Here’s why they are dropping:

The Adairs share price is down 1% to $2.92. This decline has been driven by the furniture and homewares retailer’s shares trading ex-dividend this morning. In fact, if you take the company’s 8 cents per share fully franked interim dividend out of the equation, the Adairs share price would be trading higher today.

Betmakers Technology Group Ltd (ASX: BET)

The Betmakers share price has continued its slide and is down a further 2% to 66 cents. As I mentioned earlier today, this betting technology company’s shares are one of the most shorted shares on the ASX. In fact, it has been speculated that major shareholder, Tom Waterhouse, could be lending his shares to short sellers.

Magellan Financial Group Ltd (ASX: MFG)

The Magellan share price is down 2.5% to $15.32. Investors have been selling this embattled fund manager’s shares after its founder, Hamish Douglass, resigned as a director with immediate effect. Douglass took indefinite leave from the role as Chairman last month following a period of intense pressure and focus on both his professional and personal life.

Northern Star Resources Ltd (ASX: NST)

The Northern Star share price is down 2.5% to $10.37. This follows weakness in the gold price at the end of last week as demand for safe haven assets softened. It isn’t just Northern Star’s shares that are falling on Monday. At the time of writing, the S&P/ASX All Ordinaries Gold index is down by a sizeable 1.9%.

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