Fraud shock hits IAM while ASX rallies through higher cost guidance

The week’s biggest swing came from Raiz Invest (ASX:RZI), down 17.43%, followed by two names tied for second place: Wisr (ASX:WZR) up 14.29% and Income Asset Management (ASX:IAM) down 14.29%. Investors treated these as very different stories. Raiz was sold hard even after posting record funds under management, Wisr was bought after lifting guidance, and IAM was marked down after a costly fraud event.

Fintech and consumer credit: growth got rewarded, but only with cleaner numbers

Wisr (ASX:WZR) rallied after reporting a bigger loan book and a jump in new lending. The company also said it expects cash profit in the second half of FY26. In plain terms, investors liked having a date on when the business could stop losing money. The share price also gapped up at the open and kept climbing. That usually means buyers stayed interested after the first rush. Plenti Group (ASX:PLT) moved the other way, down 10.12% for the week, even though it flagged a fifth straight record quarter and hit its $3 billion loan portfolio target early. A result like that can still see the share price fall if investors think the good news is already in the price, or if they worry loan growth will slow from here. Beforepay (ASX:B4P) fell 7.93% after it said profits dropped sharply in the quarter because more customers missed repayments over the holiday period. That matters because missed repayments can become losses later. Money invested in new products also lifted costs, which reduced profit in the short term.

Apps and platforms: strong growth didn’t stop selling

Raiz Invest (ASX:RZI) reported record $2.1 billion in funds under management and outlined new features for 2026, including direct share trading. Even so, the stock sank. One simple explanation fits this kind of move: when a company posts “good” numbers that many investors expected, the share price can still fall if traders wanted even better news right now. Regal Partners (ASX:RPL) dropped 7.37% despite growing funds under management to $20.9 billion in 2025. Fund managers can get sold off if the market expects weaker performance fees ahead, or if investors think inflows will be harder to win after a strong period.

Raisings, discounts and dilution: the week’s price pressure point

AUB Group (ASX:AUB) pushed ahead with a large UK acquisition and funded it with a $400 million institutional placement at a discount. The stock was down 5.33% for the week. When new shares are sold cheaply to raise cash, existing holders often sell because their ownership gets “watered down” a little. AUB’s trading also showed a gap lower, then early losses eased after the reopen. That points to the initial shock wearing off. WAM Active (ASX:WAA) announced a discounted entitlement offer and an additional placement, aiming to raise substantial new money to invest. The shares were only slightly higher for the week at 0.46%. Discount offers can hold a share price down because investors know extra shares are coming. They also appeal to buyers who want a cheaper entry price. ARC Funds (ASX:ARC) fell 4.17% after reporting a capital raise alongside updates on its Term Deposit Shop platform and asset sales. Capital raises can help a small company survive and grow, but they can also worry investors if they signal the business needs cash to keep operating.

Rules, costs and trust: disclosure and governance stayed in focus

ASX (ASX:ASX) gained 6.43% even after lifting its FY26 expense growth forecast, including costs linked to an ASIC Inquiry and technology upgrades. Investors appeared to focus on the revenue lift in the first half and the fact the company is spending to prevent future problems. In everyday terms, this is the exchange saying it will pay more now to reduce the risk of another systems failure. Findi (ASX:FND) was down 8.55% as it moved through an ASX query process, with trading expected to resume on 30 January 2026. A suspension and then a return to trading can make prices jump around because buyers and sellers have pent-up orders and limited fresh information. Humm Group (ASX:HUM) slipped 1.97%14.29%. Investors care because fraud can mean more legal costs, possible client losses, and tighter cash levels.

Dividends and consolidation: older-style vehicles kept it simple

Diversified United Investment (ASX:DUI) rose 5.32% after agreeing to merge with Australian United Investment Company (ASX:AUI). The pitch was straightforward: a larger pool of assets, lower yearly costs, and a higher dividend for DUI holders if forecasts hold. BKI Investment Company (ASX:BKI) kept dividends inching up and rotated parts of its portfolio from banks into resources and energy transition names. The share price was flat for the week. These companies often trade more on dividends and long-term holdings than fast-changing quarterly updates.