Why IOOF, Kogan, Openpay, & Woodside shares are dropping lower

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:

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.

The Kogan share price is down almost 7% to $19.50….