Australia's Sequoia Financial climbs most in 1 week on acquisition plans, outlook

Sequoia Financial

18/11/2021 03:25

** Shares of Australia's Sequoia Financial Group Ltd
 SEQ.AX  rise as much as 4.48% to A$0.70 after co says it is
acquiring the customer book of Tag Insurance Brokers 
    ** The investment management firm says it will acquire the
customer book of Tag Insurance Brokers Pty Ltd and its
associated business assets for A$2.5 mln ($1.81 mln) 
    ** Says it has also obtained a new general insurance
Australian Financial Service License (AFSL), which will allow it
to expand business ops  urn:newsml:reuters.com:*:nASX11lwkV 
    ** Co also provided an outlook for its HY net profit after
tax in its AGM, sees it climbing to A$2.1 mln vs A$1.7 mln a
year ago; sees HY revenue rising to A$63 mln from A$52.4 mln a
year ago  urn:newsml:reuters.com:*:nASXcfG0J5 
    ** Stock on track for biggest intraday percentage climb
since Nov 10 
    ** Stock up 34% year to date, as of last close 
    

    ($1 = 1.3776 Australian dollars)

 (Reporting by Harshita Swaminathan in Bengaluru)
 ((Harshita.Swaminathan@thomsonreuters.com))