Australian Finance Group eyes best day in over 13 months on strong lodgements

Australian Finance

26/11/2021 03:10

** Shares of Australian Finance Group Ltd  AFG.AX  jumps
10.2% to A$2.59, their biggest intraday pct gain since Oct. 5,
last year
    ** The mortgage broking firm says more than A$24 bln ($17.15
bln) in home loan finance was lodged for Q1, up 33% on prior
year  urn:newsml:reuters.com:*:nASX8834V3
    ** Adds that lodgements in co's securities division (AFGS)
reached a record A$388 mln in Oct; stock notches highest levels
since Nov 5
    ** Citi says lodgements in both the total book and the
higher margin AFGS business are "running ahead of expectations"
    ** "Positive growth in residential volumes were recorded in
all states, despite various lockdowns and restrictions" - AFG
    ** Broker, however, flags that higher lodgement activity
could settle in 2H22 given the time lag to complete
    ** About 760,000 shares change hands, compared with the
30-day average volume of ~429,000 shares
    ** AFG down 10.7% this year, as of last close


($1 = 1.3994 Australian dollars)

 (Reporting by Savyata Mishra in Bengaluru)
 ((Savyata.mishra@thomsonreuters.com))