By Stuart Condie
SYDNEY–Netwealth Group shares slumped in early trade, giving back gains made in the previous session.
The Australian wealth manager’s shares were the worst performing on the ASX shortly after Friday’s open, falling as much as 6.8%. The stock rose 5.2% on Thursday after Netwealth reported a rise in its funds under administration for the June quarter.
Shares were recently down 5.8% at 13.62 Australian dollars (US$9.38).
Analysts including from UBS and E&P have flagged the possibility that Netwealth’s quarterly flows may remain volatile despite strong June-quarter inflows.
The weakness made Netwealth an outlier among financial stocks, most of which were higher amid a positive lead by U.S. equities.
Write to Stuart Condie at [email protected]
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