Why APA Group, Block, Empire Energy, and Transurban shares are falling today

The S&P/ASX 200 Index (ASX: XJO) has followed Wall Street's lead and dropped into the red on Monday. At the time of writing, the benchmark index is down 0.4% to 8,231.4 points.

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

APA Group (ASX: APA)

The APA Group share price is down almost 4% to $6.94. This decline isn't due to the release of bad news or a broker downgrade. Rather, this weakness has been caused by the energy infrastructure company's shares going ex-dividend this morning for its latest payout. APA recently declared an interim dividend of 27 cents per share. It has gone ex-dividend for this today, with eligible shareholders scheduled to receive this payout in two and a half months on 17 March. This equates to a 3.75% dividend yield based on its last close price.

Block Inc (ASX: SQ2)

The Block Inc share price is down 2.5% to $143.03. This follows a pullback in the payments company's US listed shares on Friday night. The Afterpay and CashApp owner's shares were caught up in a tech selloff at the end of last week. But longer term shareholders won't be too disheartened. That's because Block Inc's shares remain up by over 25% since this time last year.

Empire Energy Group Ltd (ASX: EEG)

The Empire Energy Group share price is down over 4% to 22 cents. This morning, this energy explorer released a drilling update from the C-5H well, which is targeting the Velkerri-B shale formation. While the results were positive, the market appears disappointed by the company's decision to delay the fracture stimulation of C-5H. Commenting on the delay, managing director, Alex Underwood, said: "The decision we have made to delay the C-5H fracture stimulation from January 2025 to April 2025 has been taken with the best interests of our shareholders in mind, as the financial risk of weather-related issues would have been substantial."

Transurban Group (ASX: TCL)

The Transurban Group share price is down 2.5% to $13.48. This has also been driven by the company's shares going ex-dividend this morning. The toll road giant recently declared a 32 cents per share interim dividend. It will be paid to eligible shareholders next year on 25 February. Based on its last close price, this dividend equates to an attractive 2.3% dividend yield.

The post Why APA Group, Block, Empire Energy, and Transurban shares are falling today appeared first on The Motley Fool Australia.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Block and Transurban Group. The Motley Fool Australia has positions in and has recommended Apa Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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