At lunch on Friday, the S&P/ASX 200 Index (ASX: XJO) has followed the lead of US markets and is sinking. The benchmark index is currently down 1.1% to 7,207.9 points.
Here’s what is happening on the ASX 200 today:
IAG shares rise following half year results
The Insurance Australia Group Ltd (ASX: IAG) share price is pushing higher today following the release of its half year results. The insurance giant delivered a cash profit well short of consensus estimates at $176 million. However, the market appears willing to overlook this due to management upgrading its FY 2022 gross written premium guidance from low to mid single-digit growth.
Magellan shares sink after FUM update
The Magellan Financial Group Ltd (ASX: MFG) share price is tumbling again on Friday. This follows the release of an out of cycle funds under management (FUM) update. That update reveals that Magellan’s FUM has fallen 6.85% since the end of January to $87.1 billion. And with several ratings agencies putting its funds under review or downgrading them, there’s a real chance that its FUM could continue to fall as the month rolls on.
Zip shares tumble
The Zip Co Ltd (ASX: Z1P) share price is tumbling lower today in response to a heavy decline from a rival on Wall Street. The Affirm share price crashed 21.5% during the overnight session and then a further 7% in after-hours trade. Investors were selling down the BNPL provider’s shares after its quarterly update disappointed.
Best and worst ASX 200 performers
The Unibail-Rodamco-Westfield (ASX: URW) share price is the best performer on the ASX 200 today with a 7% gain. This follows news that it is selling a 45% stake in Westfield Carré Sénart and creating a joint venture with Societe Generale Assurances and BNP Paribas Cardif. The worst performer has been the Appen Ltd (ASX: APX) share price with a 7.5% decline. This follows broad weakness in the tech sector and ongoing concerns over demand for its services.
The post ASX 200 (ASX:XJO) midday update: IAG upgrades guidance, Magellan sinks again appeared first on The Motley Fool Australia.
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More reading
- Magellan (ASX:MFG) share price slides 6% as FUM bloodbath continues
- ASX BNPL shares in focus after Affirm (NASDAQ:AFRM) share price tumbles 21%
- IAG (ASX:IAG) share price on watch amid earnings miss but guidance upgrade
- After a disastrous 2021, the Zip (ASX:Z1P) share price has tumbled another 30%. What’s going on?
- 5 things to watch on the ASX 200 on Friday
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 Appen Ltd and ZIPCOLTD FPO. The Motley Fool Australia owns and has recommended Appen Ltd and Insurance Australia Group 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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