Sequoia Financial eyes best day in 42 months on stake divestment plans

Sequoia Financial

09/03/2023 02:56

** Shares of Australia's Sequoia Financial Group  SEQ.AX 
rise as much as 22.3% to A$0.63, set to gain most since
September 2019, if trend holds
    ** The investment manager announces a deal to divest its 80%
stake in stockbroker, Morrison Securities Pty, to digital wealth
management provider Quantum Holdings
    ** Co says it will receive A$40.5 mln ($26.67 mln) as
consideration for the deal
    ** Stock hits highest since July 2022
    ** Sequoia stock down 12.7% this year, as of last close

    ($1 = 1.5186 Australian dollars)

 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))