Two stocks that fell on ASX – IOOF Holdings Ltd and Primary Health Care Ltd
Lower than estimated results affected the stock performance: IOOF Holdings Ltd (ASX: IFL) stock fell over 7.7% on February 15, 2017 as the group delivered a lower than estimated profits as the group reported an interim profit of $74.2 million for the six months through December 2016, and this was a slip of 45% year-on-year. This came at the back of sale of IFL’s Perennial business. However, the group generated net flows rise of 46% year on year (yoy) to $1.4 billion, for fiscal year of 2017 driven by the Platform flows which delivered an outstanding increase of 173% yoy to $401 million. This is 16th consecutive quarter of positive net flows by IFL. Meanwhile, the group undertook strategic initiatives to enhance their focus on core wealth management businesses. IFL’s FUMA rose 5% yoy to $109.4 billion during the period. The group generated an interim dividend of 26 cents per share which is a 98% payout ratio. The high level of flows into the advice businesses, as witnessed, is said to indicate for the support from client-facing advice model.
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