Germany's Hypoport dives after outlook suspension
23/09/2022 07:31
** Shares in Hypoport HYQGn.DE slump 24% in early
Frankfurt trade after the German financial services provider
suspended its full-year guidance on Thursday
** "The current forecast for the year will be clearly
missed," the company said in an evening statement, as
residential mortgage finance clients hold back on property
purchases due to hiking interest rates and inflation, concerns
around recession as well as speculation on stronger declining
property prices
** The company also sees a drop in Q3 revenue and EBIT,
expecting the former to be slightly below last year's level and
the latter to break even
** Stock seen at the bottom of Germany's small-cap index
.SDAXI
($1 = 0.9824 euros)
(Reporting by Ozan Ergenay)
((ozan.ergenay@thomsonreuters.com))