ASX 200 drops 2%, IOOF and Afterpay shares sink, Bubs jumps on Thursday 28 January 2021

The S&P/ASX 200 Index (ASX: XJO) declined by more than 1.9% today, it dropped to 6,650 points.

Here are some of the highlights from the ASX:

IOOF Holdings Limited (ASX: IFL)

The IOOF share price fell by 10.6% today after delivering its quarterly update for the three months to 31 December 2020.

IOOF announced that its funds under management, advice and administration (FUMA) fell by $0.4 billion to $202.4 billion. Management said this reflected an uplift of $12.7 billion due to market movements, largely offset by one-off negative movements of $10 billion including $8.1 billion from the termination of the BT relationship, $1.5 billion from the liquidation of IOOF’s cash management fund and a $0.4 billion one-off transfer from the…