Australia's Challenger among top losers on ASX 200 after a top shareholder cuts stake

Challenger

05/09/2024 06:49

Sept 5 (Reuters) - Shares in Australia's Challenger
 CGF.AX  were among the top decliners on the benchmark ASX 200
index on Thursday, after one of the top shareholders more than
halved its stake in the investment management firm.
    The stock fell as much as 14.4% to A$5.995, its biggest
intraday loss since August 2022 and lowest level since December
2023, as of 0529 GMT. The ASX 200 index  .AXJO  was up 0.2%.
    Nearly 43.8 million Challenger shares changed hands so far
in the session, 30.9 times the 30-day average of about 1.4
million shares.
    Challenger said in a statement that U.S.-listed Apollo
Global Management  APO.N  reduced its shareholding in the
company to 9.9% from 20.1%, to support "redeployment of capital
to other growth opportunities".
    Since July 2021, Apollo had increased its stake in
Challenger to 20%, as the two companies built a strategic
financial partnership. 
    Challenger and Apollo, however, remain committed to pursuing
a range of initiatives, including an asset origination and
distribution partnership, according to the statement.
    
    

 (Reporting by Echha Jain in Bengaluru; Editing by Rashmi Aich)
 ((Echha.Jain@thomsonreuters.com;))