At lunch on Monday, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a strong gain. The benchmark index is currently up 1.1% to 7,142.8 points.
Here’s what is happening on the ASX 200 today:
Elders shares jump
The Elders Ltd (ASX: ELD) share price is shooting higher today after the release of a trading update. The agribusiness company revealed that trading conditions have been strong during the first half. As a result, it is expecting its underlying earnings before interest and tax (EBIT) to increase by 20% to 30% in FY 2022.
Magellan funds under management fall again
The Magellan Financial Group Ltd (ASX: MFG) share price is under pressure again on Monday. The fund manager’s shares dropped to a multi-year low after it revealed a 10.5% reduction in its funds under management since 25 February. At the close of US trading on Friday 11 March, Magellan had funds under management of approximately $69.1 billion. This compares to $77.2 billion late last month. Its poor performing global fund weighed heavily on its funds under management again.
CSL higher on plasma collection optimism
The CSL Limited (ASX: CSL) share price is rising today. This appears to have been driven by optimism that plasma collections are improving. A note out of Citi highlights that industry data is pointing to a recovery in collections. So much so, it is forecasting 2022 collections to be above pre-pandemic levels. The broker expects this and the completion of its acquisition of Vifor Pharma to support its shares in the coming months. Its analysts have a buy rating and $335.00 price target on its shares.
Best and worst ASX 200 performers
The best performer on the ASX 200 on Monday has been the Elders share price with an 11% gain. This follows the release of its impressive trading update this morning. The worst performer has been the Zip Co Ltd (ASX: Z1P) share price with a 3% decline. Zip’s shares are now down 65% in 2022.
The post ASX 200 (ASX:XJO) midday update: Elders jumps, Magellan and Zip tumble appeared first on The Motley Fool Australia.
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More reading
- 2 punished ASX shares that don’t deserve to be (and experts are buying)
- Why is the Elders (ASX:ELD) share price jumping 11% to a decade-high?
- Magellan (ASX:MFG) share price hits multi-year low after fund outflows accelerate
- Down 14% in a month, why the Pilbara Minerals (ASX:PLS) share price is attractive right now: analyst
- $20k invested in these ASX shares 10 years ago is now worth…
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended CSL Ltd. and ZIPCOLTD FPO. The Motley Fool Australia has recommended Elders Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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