Australia's Challenger hits 1-1/2-yr high on strong FY results

Challenger

13/08/2024 02:35

** Shares of investment management co Challenger  CGF.AX 
rise as much as 10% to A$7.57, their highest since February 2023
    ** Co posted 17% rise in FY normalised net profit before tax
(NPBT) A$608 mln ($400.49 mln), slightly better than consensus
estimate of A$604 mln
    ** Says it is targeting NPBT between A$640 mln and A$700 mln
in FY25 vs consensus expectation of A$672 mln
    ** Stock among the top 5 gainers on ASX 200 benchmark index
    ** As of last close, stock up 6% YTD


($1 = 1.5181 Australian dollars)

 (Reporting by Himanshi Akhand in Bengaluru)
 ((Himanshi.Akhand@thomsonreuters.com;))