In afternoon trade the S&P/ASX 200 Index (ASX: XJO) has followed the lead of U.S. markets and is sinking lower. At the time of writing, the benchmark index is down 2.4% to 6,620.2 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping lower:
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IOOF Holdings Limited (ASX: IFL)
The IOOF share price has dropped 10% to $3.23 following the release of its second quarter update. That update revealed that IOOF's Funds Under Management, Advice and Administration (FUMA) fell $0.4 billion to $202.4 billion during the quarter. While IOOF achieved positive market movements of $12.7 billion, this was offset by significant outflows.
Kogan.com Ltd (ASX: KGN)
The Kogan share price is down almost 7% to $19.50. Investors have been selling Kogan and other tech shares on Thursday following the broad market selloff and weakness on the tech-focused Nasdaq index overnight. At the time of writing, the S&P/ASX All Technology Index (ASX: XTX) is down 3.5%. The Nasdaq index fell 2.6% on Wednesday night.
Openpay Group Ltd (ASX: OPY)
The Openpay share price has crashed 10% lower to $2.61. This follows the release of the buy now pay later provider's second quarter update. Although Openpay delivered strong plan and customer growth during the quarter, margin weakness appears to have spooked investors. Openpay's gross revenue yield as a percentage of total transaction value was 7.5% for the second quarter, down from 9.1% in the first quarter and 9.3% a year earlier. A similar decline was seen with its net transaction margin.
Woodside Petroleum Limited (ASX: WPL)
The Woodside share price has fallen 3% to $24.88. This appears to have been driven by a broker note out of UBS this morning. According to the note, the broker has downgraded the energy producer's shares to a neutral rating with a price target of $26.10. It feels its shares are fully valued at the current level.
