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The Australian Securities Exchange (ASX) is witnessing a challenging trading session on Thursday, with the S&P/ASX 200 Index poised to register a slight decline. The benchmark index has dipped marginally by 0.20% to 7,713 points on 14 March 2024.
Several ASX-listed shares are bearing the brunt of the market downturn today, with three notable ones experiencing sharper declines than others. Here's a breakdown of why these stocks are under pressure:
Appen Ltd (ASX: APX)
The Appen share price has plummeted by 17.10% to 80 cents. Investor sentiment soured following the revelation by the artificial intelligence data services company that its discussions regarding a potential takeover have come to an end. The intended acquirer, Innodata Inc (NASDAQ:INOD), expressed displeasure over the premature disclosure of its offer to the investment community. Consequently, Innodata withdrew its indicative proposal, citing its original intention for the offer to remain confidential.
Aussie Broadband Ltd (ASX: ABB)
Aussie Broadband's share price has slumped by 18% to AU$3.55, driven by news of the termination of its white label agreement with Origin Energy Ltd (ASX:ORG). The telecommunications company disclosed that the terms proposed by Origin were deemed unfeasible and incapable of delivering shareholder value, leading to the agreement's termination.
Core Lithium Ltd (ASX: CXO)
Investors have offloaded shares of Core Lithium, causing its share price to decline by 5% to 19 cents. The drop comes in the wake of the lithium miner's half-year results announcement, wherein it reported revenue of $134.8 million alongside a loss after tax amounting to $167.6 million. In response to these figures, Citi has upheld its sell rating on Core Lithium, accompanied by a reduced-price target of just 11 cents.
These developments underscore the volatility and challenges inherent in the current market environment. While some companies grapple with setbacks and disappointing financial results, others face uncertainty stemming from terminated agreements and withdrawn takeover proposals.
