Sequoia Financial set for worst day in over 2 years on weak HY guidance

Sequoia Financial

23/01/2023 24:18

** Shares of Australia's Sequoia Financial  SEQ.AX  drop as
much as 19.7% to A$0.49, on track for their best session since
March 2020
    ** Investment manager says its HY23 EBITDA is impacted
negatively, and now expects it to be around A$3.2 mln ($2.23
mln)
    ** Co says its investment and integration program will allow
SEQ to make up of the HY23 profit shortfall in FY23
    ** Co also to increase HY23 dividends by 40% to 0.7
Australian cents per share
    ** SEQ hits lowest since Nov. 23 
    ** In 2022, stock lost 13.2%     
($1 = 1.4327 Australian dollars)
 (Reporting by Navya Mittal in Bengaluru)
 ((navya.mittal@thomsonreuters.com))