Australia's Netwealth hits 1-month low on weaker-than-expected Q3 update

Netwealth

14/04/2022 02:36

** Shares of Netwealth Group Ltd  NWL.AX  drop as much as
1.9% to A$13.07, their lowest since March 14 
    ** The wealth manager says as at March-end, funds under
administration were A$57.6 bln ($42.99 bln), a 1.6% rise from
Dec-end  urn:newsml:reuters.com:*:nASX6ZhJSB 
    ** Netwealth also posts FuA negative market movement of
A$1.71 bln 
    ** Citi Research says that NWL's Q3 trading update was
weaker than expected
    ** Citi lowers NWL's core net profit after tax estimate to
A$58 mln from prior forecast of A$59.1 mln
    ** NWL's FuA was negatively affected by exposure to
international equities - Citi
    ** Stock down 24.7% this year, as of last close
     
    ($1 = 1.3399 Australian dollars)

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