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Vicinity Centres(ASX: VCX) shares tumbled lower last week.
The GUD share price was out of form last week and dropped 4.2% lower over the shortened week. On Friday the automotive and water products company completed the acquisition of the ACAD business from
AMA Group Ltd(ASX: AMA) for $70 million. This excludes the ACM Auto Parts and Fluiddrive businesses. Given that its shares have underperformed since announcing the deal, investors may not be overly convinced with the purchase.
The QBE share price wasn’t far behind with a 3.7% decline. The insurance giant’s shares have come under pressure recently after it provided its guidance for FY 2020. QBE expects to report an adjusted net cash loss after tax of approximately $780 million. This includes a pre-tax impact of $470 million from COVID-19 costs. There are also additional claims from trade credit, lenders’ mortgage insurance, casualty classes and business interruption.