At lunch on Thursday, the S&P/ASX 200 Index (ASX: XJO) is on course to record another decline. The benchmark index is currently down 0.4% to 7,462.5 points.
Here’s what is happening on the ASX 200 today:
Magellan shares jump on funds update
The Magellan Financial Group Ltd (ASX: MFG) share price is surging higher today following a funds under management update (FUM). Although the fund manager reported another $1.1 billion of net fund outflows, this is a major slowdown from recent trends. Furthermore, thanks to favourable market movements, Magellan’s total FUM actually increased by $0.9 billion between 11 March and 31 March.
Tech shares tumble
It has been a difficult day for the tech sector after a very poor night of trade on the Nasdaq index on Wall Street on Wednesday. The S&P ASX All Technology index is down 2.6% at the time of writing, with Altium Limited (ASX: ALU) and Block Inc (ASX: SQ2) among the biggest drags on the index on Thursday.
Fortescue raises US$1.5 billion
The Fortescue Metals Group Limited (ASX: FMG) share price is edging higher today after the iron ore miner raised US$1.5 billion via a notes offering. The release reveals that US$800 million of proceeds from the offering will be applied to eligible Green Projects, with the remaining US$700 million of proceeds to be applied toward general corporate purposes.
Best and worst ASX 200 performers
The best performer on the ASX 200 on Thursday has been the Magellan share price with a 10% gain. This follows the release of its FUM update this morning. Going the other way, the worst performer has been the WiseTech Global Ltd (ASX: WTC) share price with a 5% decline following weakness in the tech sector.
The post ASX 200 midday update: Magellan jumps, tech shares tumble appeared first on The Motley Fool Australia.
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More reading
- Magellan share price rockets 11% despite continued FUM carnage
- Fortescue share price lifts amid $2b cap raise
- March was a lousy month for ASX BNPL shares. Here’s why
- Broker says the Altium share price weakness is a buying opportunity
- 2 ASX tech shares that are cheap enough to buy now
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 Altium, Block, Inc., and WiseTech Global. The Motley Fool Australia owns and has recommended Block, Inc. and WiseTech Global. 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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