By Alice Uribe
SYDNEY– Challenger’s shares rose Tuesday after the Australian financial company slightly revised its fiscal 2023 guidance.
The stock was up 2.4% at 6.30 Australian dollars (US$4.12), after hitting a high of A$6.40 earlier. The fund manager is currently one of the best performers on Australia’s S&P/ASX 200.
Challenger said Tuesday in disclosures accompanying its investor day that it expected its FY 2023 normalized net profit before tax to be slightly above the midpoint of its FY 2023 guidance range.
Earlier in April, Challenger reaffirmed its FY 2023 NPBT guidance range of between A$485 million and A$535 million.
The company also said it expected its life unit would remain strongly capitalized.
Challenger’s shares are down 18% so far in 2023.
Write to Alice Uribe at alice.uribe@wsj.com
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