Why IOOF is among 4 shares tumbling today

The IOOF (ASX:IFL) share price is getting pummelled today.

| More on:
a woman

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The S&P / ASX200 (ASX: XJO) is up 0.7% in lunchtime trade today on the back of a strong finish to trade on Wall Street overnight as investors position themselves ahead of important jobs data in the US tonight that may impact the pace of the US Fed's rate hiking cycle.

However, there are a few shares falling fast in the wrong direction today for differing reasons. So let's take a look at what might be sending them lower.

The IOOF (ASX: IFL) share price is down 33% to $4.77 today on the shock news that the prudential regulator APRA has initiated legal proceedings to have its CEO, chairman, CFO and Company Secretary disqualified from working at superannuation businesses regulated by APRA. IOOF insists it intends to vigorously defend the allegations. IOOF is also in the process of buying Australia & New Zealand Bank's (ASX: ANZ) OnePath financial planning business, with ANZ executives announcing that they were concerned about the news today.

The Janus Henderson Group (ASX: JHG) share price is down 5.3% to a record low of $29 today despite the international equities and fixed income or bonds manager releasing no news to the market. Janus Henderson has some significant exposure to European and British equities, which are exposed to a potential slowdown if the UK cannot agree a Brexit deal with the EU. Global equities have also been on a significant downturn recently which is not helping the Janus Henderson share price.

The G8 Education Ltd (ASX: GEM) share price is down 1.4% today despite the child care aggregator releasing no specific news to the market. G8's share price fell over most of 2018 after the group warned that occupancy rates had been lower-than-expected for various reasons. However, in November 2018 it told investors that occupancy growth was now slightly ahead of management expectations.

The Fastbrick Robotics Ltd (ASX: FBR) share price is down 7.4% to 12.5 cents today as its valuation continues to fall after the group admitted that construction giant Caterpillar Inc. would no longer work in partnership with it under the terms of a memorandum of understanding. Caterpillar will also sell its 2.13% shareholding in Fastbrick. The robot-powered bricklayer is yet to generate any revenue and looks speculative.

Motley Fool contributor Yulia Mosaleva has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Share Fallers

A male investor wearing a blue shirt looks off to the side with a miffed look on his face as the share price declines.
Share Fallers

Why COG, Karoon Energy, Netwealth, and Pilbara Minerals shares are dropping today

These ASX shares are ending the week deep in the red. But why?

Read more »

A woman with a sad face looks to be receiving bad news on her phone as she holds it in her hands and looks down at it.
Share Fallers

Why Evolution Mining, Karoon Energy, ResMed, and Sayona Mining shares are dropping today

These ASX shares are having a tough session. But why?

Read more »

A young woman wearing a blue and white striped t-shirt blows air from her cheeks and looks up and to the side in a sign of disappointment after the ASX shares she owns went down today
Share Fallers

Why Australian Strategic Materials, Boral, Dubber, and Macquarie Technology are falling today

These shares are having a tough hump day. But why?

Read more »

a sad gambler slumps at a casino table with hands on head and a large pile of casino chips in the foreground.
Share Fallers

'Catastrophic' risk: Why Star shares have lost 25% in 4 days

The outcome of this inquiry could determine whether Star Entertainment hits Blackjack or bust.

Read more »

A male investor erupts into a tantrum and holds his laptop above his head as though he is ready to smash it, as paper flies around him, as he expresses annoyance over so many new 52-week lows in the ASX 200 today
Share Fallers

Why Domino's, Macmahon, Star, and Zip shares are sinking today

These ASX shares are falling more than most today.

Read more »

A young woman holds an open book over her head with a round mouthed expression as if to say oops as she looks at her computer screen in a home office setting with a plant on the desk and shelves of books in the background.
Share Fallers

Why Avita Medical, NextDC, Predictive Discovery, and Star shares are tumbling today

These shares are starting the week in the red.

Read more »

A male investor wearing a blue shirt looks off to the side with a miffed look on his face as the share price declines.
Share Fallers

Why Avita Medical, Cettire, Domino's Pizza, and Star shares are falling today

These ASX shares are having a tough end to the week. But why?

Read more »

Three guys in shirts and ties give the thumbs down.
Share Fallers

Why Avita Medical, Netwealth, Peninsula Energy, and Zip shares are sinking today

These ASX shares are having a tough session. But why?

Read more »