Business
Challenger stock slides 15% after low profit, dividend cut – Sydney Morning Herald
Investors were quick to sell off Challenger stock after the half-year results were a fizzer. But there is good news amid the ruin.
ASX-listed investment firm Challenger has seen more than $700 million wiped off its market value in a single day after reporting flat profits and reduced dividends, bringing an end to the companys six-month growth streak.
Challengers stock slid by around 15 per cent on Tuesday having doubled since August and while chief executive Richard Howes said he did not follow daily share price movements, he acknowledged the defensive investment strategy adopted during COVID-19 had disappointed shareholders….
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