Why Block, Nanosonics, St Barbara, and Woodside shares are dropping


In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record another sizeable decline. At the time of writing, the benchmark index is down 1.3% to 6,597.3 points.

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

The Block share price is down 6% to $87.29. This follows another poor night for this payments company’s NYSE listed shares on Tuesday. However, Block isn’t the only tech share falling today. With heavy declines being recorded across the sector, the S&P ASX All Technology index is down 3% at the time of writing.

The Nanosonics share price is down 3% to $2.99. This appears to have been driven by broad market weakness and a broker note out of Morgans. In respect to the latter, this morning Morgans retained its add rating but slashed its price target on the infection prevention company’s shares by 10% to $4.86. The broker has downgraded its earnings forecasts to reflect higher costs and softer growth.

The St Barbara share price is down 3% to $1.10. Investors have been selling St Barbara and other gold miners after a pullback in the gold price overnight. This has led to the S&P/ASX All Ordinaries Gold index tumbling 1.4% this afternoon.

Woodside Energy Group Ltd (ASX: WDS)

The Woodside share price is down 3% to $32.03. The catalyst for this was weakness in energy prices overnight. This has put pressure on energy producers like Woodside on Wednesday. So much so, the S&P/ASX 200 Energy index is down 2.5% at the time of writing.

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