In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the day in the red after a late turn. At the time of writing, the benchmark index is down 0.3% to 6,829.9 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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Breville Group Ltd (ASX: BRG)
The Breville share price is down over 4% to $20.97. Investors have been selling this appliance manufacturer's shares after it was hit by a broker downgrade. According to a note out of Macquarie, it has downgraded Breville's shares to a neutral rating with a trimmed price target of $23.10. This followed a cautious update from one of its rivals.
Incitec Pivot Ltd (ASX: IPL)
The Incitec Pivot share price is down 3.5% to $3.69. This follows the release of the industrial explosives, chemicals, and fertilisers company's investor update this morning. Incitec Pivot revealed that its performance has been mixed in FY 2022. For example, its fertiliser business has seen volumes fall due to lower demand. It also warned that its explosives business is experiencing supply chain and inflationary pressures.
Magellan Financial Group Ltd (ASX: MFG)
The Magellan share price is down 2% to $12.19. Investors have been selling this fund manager's shares following the release of another disappointing funds under management (FUM) update. Magellan revealed that its FUM fell $2.6 billion during August. This comprises $1.3 billion of net outflows and the same amount due to unfavourable market movements.
Super Retail Group Ltd (ASX: SUL)
The Super Retail share price is down 6% to $9.68. This decline has been driven largely by the retail conglomerate's shares trading ex-dividend this morning. Last month, Super Retail declared a 43 cents per share fully franked final dividend of FY 2022. This will now be paid to eligible shareholders next month on 17 October.
