Business
Why Challenger, Nuix, Splitit, & Temple & Webster are sinking
The S&P/ASX 200 Index(ASX: XJO) is on course to record a disappointing decline. In afternoon trade, the benchmark index is down 1% to 6,948.3 points.
Four ASX shares that have fallen more than most today are listed below. Here’s why they are tumbling lower:
The Challenger share price is under pressure again and down 7% to $5.18. Investors have been selling the annuities company’s shares since the release of its third quarter update. While Challenger delivered solid asset growth, its margins have come under pressure due to a sharp decline in credit spreads over the year that were not fully reflected in customer pricing. This means the company is only guiding to the low end of its profit guidance range for FY 2021.
The Nuix…
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