Australia's Challenger slumps after Apollo cuts stake in co

Challenger

05/09/2024 01:41

** Shares of Challenger  CGF.AX  tank as much as 14.4% to
A$5.995, set for their worst session since mid August 2022 - if
current trend holds 
    ** Co emerges as one of the top losers in the benchmark
 .AXJO 
    ** The investment management firm says Apollo Global
Management  APO.N  has cut its stake in the co from 20.1% to
9.9%    
    ** Shares hit lowest since mid December 2023
    ** More than 39.6 mln shares change hands, 28 times compared
with the 30-day average volume of 1.4 mln shares      
    ** Stock has risen ~7.9% this year as of last close

 (Reporting by Archishma Iyer)
 ((Archishma.Iyer@thomsonreuters.com;))