Australia's BNPL stocks slide as Humm gets interim stop order

Splitit

26/05/2023 03:27

** Shares of buy now, pay later (BNPL) firms decline after
Humm Group  HUM.AX  says Australia's country's corporate
regulator issued an interim stop order for its BNPL products
    ** HUM's update comes just days after Australia said it
would regulate buy-now-pay-later services as a consumer credit
product under new laws
    ** HUM falls as much as 12.9% to A$0.370, hitting their
lowest level since March 24, 2020
    ** ASX-listed shares of Afterpay-owner Block Inc  SQ2.AX 
drop as much as 4.8%, posting their biggest intraday pct drop
since May 8
    ** Splitit Ltd  SPT.AX  tumbles as much as 8.3%, marking
their biggest intraday pct decline since May 17
    ** Zip Co Ltd  ZIP.AX  slips 0.9%, while U.S. BNPL player
Sezzle Inc  SZL.AX  dips 0.3%
    ** Meanwhile, Latitude Group  LFS.AX  slided 9.7% to hit
their lowest level since March 30, after forecasting a steep
fall in fiscal 2023 earnings

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