In late afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a disappointing decline. At the time of writing, the benchmark index is down 0.4% to 7,420.9 points.
Four ASX shares falling more than most today are listed below. Here's why they are tumbling lower:
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Codan Limited (ASX: CDA)
The Codan share price is down a further 5% to $10.43. Investors have been selling the technology company's shares since the release of its annual general meeting update yesterday. Investors may have been concerned with its valuation given its softer organic growth outlook. This morning Macquarie retained its outperform rating but trimmed its price target by 14% to $15.20.
IOOF Holdings Limited (ASX: IFL)
The IOOF share price has dropped 8.5% to $4.20 following the release of its quarterly update. IOOF revealed that its active advice services relationships stood at 1,883 financial advisers at the end of September. This was down from the end of June. In addition, the company revealed a net outflow of $1.4 billion for its funds under management.
Orocobre Limited (ASX: ORE)
The Orocobre share price is down almost 6% to $8.88. This is despite there being no news out of the lithium miner. Though, there are a number of lithium shares are falling today. This could have been driven by profit taking after some strong gains recently.
Pointsbet Holdings Ltd (ASX: PBH)
The PointsBet share price has sunk 18% to $8.69. Investors have been selling the sports betting company's shares following the release of its first quarter update. Although PointsBet's turnover increased 42% year on year to $979.9 million, its spiralling costs appear to have spooked investors. PointsBet spent more than $46 million on marketing during the quarter. This led to a net operating cash outflow of $26.6 million for the period.
