Meanwhile those mangled aged care operators got some respite from the selling wave of the past few days yesterday.
Estia (EHE), the leading target, saw its shares bounce 5.4% to $2.93, Regis (RRL) saw its shares up 3.5% at $3.83 and Japara (JHC) shares rose 6% to $1.845.
The trio are not out of the woods so far as investors and analysts are concerned – there was more of a dead cat bounce from bargain hunters yesterday than any real support.
But they ended higher in a market down 0.3% or 16 points on the day, so that I suppose is no mean achievement.
The trio have to convince the market that the ‘clarification’ by the Federal governnment on what they can charge their aged care clients won’t damage their revenue and earnings, as some analysts say it will.
