ASX 200 midday update: Magellan rebounds, Crown’s takeover boost

A man is deep in thought while looking at graph and rising and falling percentages.

A man is deep in thought while looking at graph and rising and falling percentages.

At lunch on Thursday, the S&P/ASX 200 Index (ASX: XJO) has sunk deep into the red. The benchmark index is down 1.1% to 7,040.3 points.

Here’s what is happening on the ASX 200 today:

Hamish Douglass returns to Magellan

The Magellan Financial Group Ltd (ASX: MFG) share price has avoided the market selloff. This fund manager’s beaten down shares are rebounding today after the company announced the return of co-founder Hamish Douglass in a new consultancy role. From October, Mr Douglass will provide investment insights, including geopolitical and macroeconomic views.

Crown takeover getting closer

The Crown Resorts Ltd (ASX: CWN) share price is also pushing higher on Thursday. This has been driven by news that Blackstone’s takeover bid has received approval from the Victorian Gambling and Casino Control Commission and New South Wales Independent Gaming and Liquor Authority. This brings the $8.9 billion takeover a huge step closer to completion.

Energy shares storm higher

One sector is shining on Thursday and that is the energy sector. Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) shares are helping drive the S&P/ASX 200 Energy index 0.8% higher today. This follows another rise in oil prices overnight, which took them to 13-week highs. This was driven by rising US gasoline demand.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Thursday has been the Magellan share price with a 2.5% gain following the aforementioned return of Hamish Douglass. Going the other way, the worst performer has been the Clinuvel Pharmaceuticals Limited (ASX: CUV) share price with a 7% decline on no news. The biopharmaceutical company’s shares are now down over 50% this year.

The post ASX 200 midday update: Magellan rebounds, Crown’s takeover boost appeared first on The Motley Fool Australia.

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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. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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