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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end its winning streak. At the time of writing, the benchmark index is down 0.2% to 7,137.1 points.
Four ASX shares that are falling more than most today are listed below. Here’s why they are dropping:
Brainchip Holdings Ltd (ASX: BRN)
The Brainchip share price is down 8% to 67.5 cents. This follows news that the semiconductor company is raising funds. Brainchip is issuing US based alternative investment group LDA Capital with 30 million shares at a discount to be decided in the future. Brainchip also wants the option to issue an additional 10 million shares, but this will be subject to approval. LDA is not required to hold the shares and can sell them for a quick profit.
Insurance Australia Group Ltd (ASX: IAG)
The IAG share price is down 3.5% to $4.57. Investors have been selling this insurance giant’s shares since the announcement of its 2023 reinsurance program on Monday, which revealed a jump in reinsurance prices. In response, this morning Morgan Stanley retained its underweight rating and $4.20 price target on its shares.
Premier Investments Limited (ASX: PMV)
The Premier Investments share price is down almost 5% to $24.98. The catalyst for this has been the retail conglomerate’s shares trading ex-dividend this morning for its upcoming dividend payment. The Peter Alexander and Smiggle owner declared a fully franked final and special dividend totalling 79 cents per share with its full year results. This will be paid to eligible shareholders later this month on 25 January.
Telix Pharmaceuticals Ltd (ASX: TLX)
The Telix share price is down a further 5% to $6.52. Investors have been selling this radiopharmaceuticals company’s shares this week following the release of a trading update. Although Telix reported a 39% quarter on quarter increase in unaudited revenue to $76.8 million, investors appear to have been expecting a stronger performance.