Australia's Humm slumps most in over 2 years as Latitude deal falls apart

Humm

17/06/2022 01:56

** Shares of Humm Group Ltd  HUM.AX  slump as much as 15.7%
to A$0.485, their lowest since March 30, 2020 
    ** Digital payments and lending firm Latitude Group Holdings
 LFS.AX  terminated its A$335 mln ($235.97 mln) offer to buy
HUM's consumer unit that includes its buy now, pay later (BNPL)
business  urn:newsml:reuters.com:*:nL4N2Y33IF
    ** Termination comes a day after HUM said its consumer unit
saw a 61% on-year plunge in year-to-date cash net profit after
tax at May-end due to intense competition, rising interest
rates, and weakening consumer sentiment.
    ** LFS shares up as much as 1.4%
    ** More than 1.9 mln HUM shares change hands, vs the 30-day
average volume of over 1.7 mln shares
    ** HUM stock down 36.1% this year, as of last close

 (Reporting by Harish Sridharan in Bengaluru)
 ((harish.sridharan@thomsonreuters.com))