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The S&P/ASX 200 Index (ASX:XJO) seems to have run out of steam on Thursday. In afternoon trading, the benchmark index fell 0.25% to 7,109.4 points.
Four ASX stocks that fell more than most today are listed below. Here’s why they’re dropping:
Blackmores stock price fell 9% to $74.01 after the dietary supplement company released full annual results. Blackmores posted a 12.8% increase in revenue to $649.5 million and underlying after-tax net profit rose 22.6% to $31.1 million. Investors seem to be expecting stronger growth.
Codan’s stock price is down 10% at $7.91. This morning, the metal detector-focused tech company released its full-year results and reported a 3% increase in its underlying after-tax net profit to $100.5 million. While this was a record profit for Codan, it represents a sharp slowdown from its 21% profit growth in the first half.
Lake NL Resources (ASX: LKE)
Lake stock price is down 6% at $1.19. This despite no news from the lithium developer today. However, it should be noted that a number of lithium stocks slipped on Thursday. This may be due to renewed concerns about the prospect of a global recession, which could impact demand for electric vehicles and therefore lithium.
Xero stock price is down more than 7% at $90.40. This follows the release of the cloud accounting software company’s AGM update. Macquarie analysts note that the Xero update showed revenue growth largely in line with expectations. However, he was slightly concerned about the company’s customer subscriptions in the key UK market.