Why Beach, Fortescue, Iluka, & Temple & Webster shares are dropping lower

In afternoon trade the S&P/ASX 200 Index (ASX: XJO) is on track to record a sizeable decline. The benchmark index is currently down 0.8% to 6,771.6 points.

Four ASX shares that are falling more than most today are listed below. Here’s why they are dropping lower:

The Beach share price is down 4% to $1.78 following the release of its second quarter update. The energy producer reported production of 6.2 MMboe for the quarter, which was down 8% from the prior quarter and 3% from the prior corresponding period. This, together with a decline in oil prices over the last 12 months, led to Beach reporting a 25.5% decline in sales revenue to $344 million.

Fortescue Metals Group Limited (ASX: FMG)

The Fortescue share price is down 6% to…