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Australian Finance Group (ASX: AFG) shares jump 8% on Monday. Where is the stock heading?

Mon 29 May 23, 09:00 AM | Team Kalkine

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Australian Finance Group Limited (ASX: AFG) shares rose 7.667% to close at AUD 1.685 on Monday, 29 May 2023. Although there is no specific announcement from the company today that can be associated with today's up move, the stock seems to have been boosted by the positive movement of the broader market. The ASX All Ordinaries Index gained 0.83% today, with most sub-sectors ending in the green.

Since making a fresh 52-week low of AUD 1.350 on 23 March 2023, shares of this mortgage finance company have risen nearly 25%. Despite this move, AFG shares are down almost 11.3% in the last one year. The stock is now 18.20% away from its 52-week high of AUD 2.060 clocked on 26 August 2022.

For the half-year ended December 2022, AFG reported a net profit of AUD 21.9 million on revenues of AUD 525.2 million. While its revenue grew by 12 over 1HFY22, its reported net profit declined by 27% compared to 1HFY22, led by higher operating expenses.

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