The Westpac Banking Corp (ASX: WBC) share price is down 1.2% in afternoon trading, having recovered from earlier intraday losses of more than 2.5%.

Shares in the S&P/ASX 200 Index (ASX: XJO) bank stock closed yesterday trading for $21.49 each. They are currently changing hands for $21.23 apiece.

Like the other ASX-listed banks, and indeed bank stocks the world over, the Westpac share price has been under selling pressure since Thursday’s close.

Investors have been lightening their holdings of financial shares in the wake of last week’s collapse of United States-based SVB Financial Group (NASDAQ: SIVB).

With Westpac shares now trading below $22, is the ASX bank 200 bank a buy?

Is the ASX 200 bank stock a buy?

Financial shares may remain under some short-term selling pressure as investors eye other potential global bank collapses.

But this week’s retrace in the Westpac share price to $21.23 could well represent a good buying opportunity.

Indeed, Morgans’ analysts are bullish on the stock.

“We view WBC as having the greatest potential for return on equity [ROE] improvement amongst the major banks if its business transformation initiatives prove successful,” the analysts note.

Morgans said the sources of that ROE improvement include “improved loan origination and processing capability, cost reductions (including from divestments and cost-out), rapid leverage to higher rates environment, and reduced regulatory credit risk intensity of non-home loan book”.

The broker has an add rating on Westpac shares with a $25.80 price target. That’s almost 21% above the current share price.

Morgans also has high dividend expectations from the big bank. Its analysts forecast a fully franked FY23 dividend of $1.53 per share.

At the current Westpac share price, that works out to a heady yield of 7.2%.

Now, not everyone is equally bullish on Westpac.

CEO of Fat Prophets Angus Geddes has a hold recommendation on the bank’s shares.

However, Geddes noted that Westpac could benefit from further Reserve Bank of Australia rate hikes (courtesy of The Bull):

The bank’s mortgage portfolio is delivering higher yields from increasing interest rates. The company’s total Australian mortgage portfolio marginally grew between September 2022 and December 2022. We expect the bank’s net interest margin to benefit from any further increases in interest rates.

Westpac share price snapshot

As you can see in the chart below, with the past days’ losses factored in, the Westpac share price is now down 9% in 2023.

The post Is the Westpac share price a buy below $22? appeared first on The Motley Fool Australia.

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More reading

• ASX 200 dives 2%, wiping out last of 2023 gains
• ASX 200 bank shares punished again on US bank fallout
• ASX 200 bank shares: Are they better prepared than Silicon Valley Bank?
• S&P 500 futures lift as regulators shore up SVB deposits
• Understanding the collapse of Silicon Valley Bank

SVB Financial provides credit and banking services to The Motley Fool. Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended SVB Financial. The Motley Fool Australia has recommended SVB Financial and Westpac Banking. 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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It’s been another calamitous day for the S&P/ASX 200 Index (ASX: XJO) so far this Tuesday. After a rough start to the week yesterday, sellers have stepped on the gas today, sending the ASX 200 down by a nasty 1.67% at the time of writing to just under 7,000 points.

The ASX 200 has now wiped out its gains for the entire 2023 year to date.

But let’s not let that sobering statistic ruin our Tuesday. So instead, let’s turn to an analysis of the ASX 200 shares that are presently at the top of the share market’s trading volume charts, according to investing.com. 

The 3 most traded ASX 200 shares by volume this Tuesday

Pilbara Minerals Ltd (ASX: PLS)

First up this Tuesday we have the ASX 200 lithium leader Pilbara Minerals. So far today, a sizeable 28.12 million Pilbara shares have made their way across the ASX boards. There hasn’t been any fresh news out of Pilbara itself today.

But we don’t have to look too much further to see where this volume might be coming from. The Pilbara share price has collapsed today, currently down by a depressing 6.56% at $3.64 a share. Lithium shares have been particularly hard hit in this sell-off, so this seems to be the cause of the high trading volumes we are seeing.

Medibank Private Ltd (ASX: MPL)

Next up we have ASX 200 health insurer Medibank Private. So far this session, a chunky 27.87 million Medibank shares have been exchanged on the ASX. We haven’t had any news out of Medibank today either, or indeed this month so far.

So it looks like another share price fall is to blame. Medibank hasn’t copped it as badly as Pilbara today. But this ASX 200 share is still down by a hefty 2% at $3.20 each. That puts its losses in March so far at just over 4%.

Sayona Mining Ltd (ASX: SYA)

Finally, this Tuesday, let’s take a look at another ASX 200 lithium stock in Sayona Mining. This trading session hasn’t been kind to Sayona shares. Despite a lack of news from the company itself, the Sayona share price has fallen by a nasty 6.7% and is now going for just 21 cents each.

Since last Thursday, the Sayona share price has lost more than 17% of its value. It’s this sizeable sell-off that seems to have placed Sayona at the top of the most traded stocks pile today, with a whopping 40.89 million shares traded thus far.

The post Here are the 3 most heavily traded ASX 200 shares on Tuesday appeared first on The Motley Fool Australia.

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More reading

• Down 24% in a month, is the Pilbara Minerals share price now a bargain buy?
• Why Bank of Queensland, Brainchip, Pilbara Minerals, and Yancoal shares are sinking today
• Why has the Newcrest share price leapt 7% in under a week?
• ASX 200 dives 2%, wiping out last of 2023 gains
• Top ASX 200 tech shares to buy right now: Morgans

Motley Fool contributor Sebastian Bowen 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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Trading in ASX 300 cannabis stock Incannex Healthcare Ltd (ASX: IHL) has been suspended at the company’s request today.

This follows Incannex shares going into a trading halt shortly after the market open on Friday.

The Incannex share price was frozen on Friday at 14 cents per share.

Let’s find out what’s happening with this ASX 300 cannabis stock.

ASX 300 cannabis stock on hold…

According to a statement, Incannex asked for a voluntary suspension in trading “pending the release of a material update regarding the company’s psychedelic program”.

Incannex asked the ASX to suspend trading until the earlier of either its announcement or the start of trading tomorrow.

What’s the latest news from Incannex?

Incannex develops medicinal cannabinoid pharmaceutical products.

The last lot of news from the ASX 300 cannabis stock came earlier this month.

Incannex announced it is going to develop and manufacture its own cGMP-grade psilocybin drug for clinical trials.

Investors loved the news and pushed the ASX 300 cannabis stock 12% higher on the day.

Last Thursday, my colleague Bernd reported that the Victorian government is considering amending state drug-driving laws to reflect the legality of medicinal marijuana.

Victoria was the first state to legalise medicinal cannabis in 2016.

Medicinal cannabis comes in a variety of forms. One form is plain cannabidiol oil, or CBD oil, which contains no psychedelic component, so it’s perfectly safe to take it and drive.

Another form of CBD oil mixes in a bit of THC, which is the active component in marijuana, and which shows up on roadside drug-driving tests.

The Victorian government is trying to work out a way to distinguish between the presence of THC in a driver’s system due to a medicinal cannabis prescription, and impairment as a result of THC ingested from the recreational use of marijuana.

The post ASX 300 cannabis stock Incannex suspended ahead of ‘material update’ appeared first on The Motley Fool Australia.

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More reading

• Buying ASX cannabis stocks? Here’s what the Victorian government is considering right now
• Why did this ASX 300 cannabis share just rocket 12%?

Motley Fool contributor Bronwyn Allen 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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The chair of ASX All Ordinaries stock Humm Group Ltd (ASX: HUM) appears to be taking advantage of his company’s share price slump.

The buy now, pay later (BNPL) share is down 2.04% today to 48 cents. This is broadly in line with the S&P/ASX All Ordinaries Index (ASX: XAO), which is down 1.77% today.

But the performance of the stock and its index diverge significantly when we look at the past 12 months.

The ASX All Ordinaries stock has lost 40% of its value while the All Ords has dropped by just 3.2%.

While this has, no doubt, disappointed shareholders, founding director and chair Andrew Abercrombie appears to see an opportunity for some dollar-cost averaging.

Let’s investigate.

Buying the dip on this ASX All Ordinaries stock?

A series of notices lodged with the ASX since the start of March reveal that Abercrombie made five on-market purchases of Humm shares through his super fund between 28 February and 7 March.

In total, Abercrombie spent just over $407,000 including brokerage fees purchasing 815,329 Humm shares.

This latest spending spree follows another that Abercrombie undertook in December when he made four other on-market purchases through this super fund.

The chair spent just over $174,000 on 319,453 shares that month.

He now holds almost 118.5 million shares in this ASX All Ordinaries stock.

Abercrombie isn’t the only Humm director buying shares in recent times either.

This indicates to investors that the people running the BNPL business are very confident in its future.

How is the Humm business going?

In its 1H FY23 results, Humm reported a 20% increase in total volumes to $2 billion and a statutory net profit after tax (NPAT) of $7.5 million.

This was a vast improvement on the $168.3 million loss reported in 1H FY22.

The company said it had a strong balance sheet with $103 million in unrestricted cash.

The ASX All Ordinaries stock will pay a fully franked interim dividend of 1 cent per share on 11 April.

The post This ASX All Ordinaries stock is down 40% in a year, and the chair is buying up big appeared first on The Motley Fool Australia.

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More reading

• Guess which ASX All Ords share is rocketing 20% on lithium battery news
• Why did the Bank of Queensland share price just hit a multi-year low?
• Another ASX 200 company has been hit with a cyber incident. Here’s what we know
• Down 24% in a month, is the Pilbara Minerals share price now a bargain buy?
• Leading brokers name 3 ASX shares to buy today

Motley Fool contributor Bronwyn Allen 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 recommended Humm Group. 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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The market may be a sea of red on Tuesday, but that hasn’t stopped one ASX All Ords share from shooting higher.

In afternoon trade, the PPK Group Limited (ASX: PPK) share price is up 20% to $1.12.

Why is this ASX All Ords share shooting higher?

Investors have been buying this ASX All Ords share in response to the release of a promising announcement.

According to the release, the technology investment company has entered into a series of conditional transactions to acquire a material interest in PowerPlus Energy.

PowerPlus Energy is Australia’s largest privately owned lithium battery manufacturer. It specialises in supplying reliable, long-lasting modular battery storage solutions for on-grid and off-grid homes and businesses.

Management notes that the strategic acquisition complements its key business, commercial and operational strategies, and is synergistic with its other investments. This includes its investment in Li-S Energy Ltd (ASX: LIS).

If all conditions are met, PPK will initially pay $1.8 million to acquire a 33% interest in PowerPlus Energy under a share purchase agreement. It also has a clear fixed price pathway to increase its interest up to 75% within two years for an additional $2.8 million.

Management commentary

PPK’s Chairman, Robin Levison, was pleased with the news. He commented:

PPK has been assessing a variety of opportunities in the energy market as we believe the world continues to shift towards renewable energy, and that energy storage will play a crucial role in ensuring a reliable and efficient energy system. We see the PowerPlus Energy acquisition as a key step in supporting this shift.

PowerPlus Energy’s founder, Bradley Paton, echoed this. He added:

We are excited by the opportunity for PowerPlus Energy to join the PPK Group of companies, which will help drive growth pathways in our business. This growth will also provide upside opportunities to our Australian suppliers, both to grow their businesses and innovate with us.

The post Guess which ASX All Ords share is rocketing 20% on lithium battery news appeared first on The Motley Fool Australia.

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More reading

• Why did the Bank of Queensland share price just hit a multi-year low?
• Another ASX 200 company has been hit with a cyber incident. Here’s what we know
• Down 24% in a month, is the Pilbara Minerals share price now a bargain buy?
• Leading brokers name 3 ASX shares to buy today
• Magellan share price slumps 5% to 10-year low

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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As most investors would be painfully aware by now, the S&P/ASX 200 Index (ASX: XJO) has had a truly awful week so far. Yesterday, the ASX 200 lost 0.5%, which has been backed up by today’s savage 1.64% sell-off (so far).

But let’s check out the damage that has been done to the Bank of Queensland Ltd (ASX: BOQ) share price. Bank of Queensland shares have had an even worse time of it today. This ASX 200 bank share has lost a nasty 2.55% at the time of writing, which puts the bank at $6.49 a share.

It was worse for this regional ASX bank this morning too. At one point, Bank of Queensland shares got down to a low of $6.32 each. Not only is that a new 52-week low for the Bank of Queensland share price, but it is the lowest this ASX 200 share has traded at since October 2020:

So why are Bank of Queensland shares seemingly getting singled out for punishment on the ASX this week?

ASX 200 bank shares feel the squeeze

Well, the first thing to note is that it’s not just Bank of Queensland that is feeling the pain. As we touched on earlier, it is the entire ASX 200 that is having a rough time of it this week. It’s hard to find an ASX 200 share outside the gold sector that is having a decent week thus far.

But ASX 200 banks seem to be getting especially hard hit by this bout of selling. All of the ASX 200 banks are down substantially over the past few days. But it seems to be the smaller banks outside the Big Four that are getting the biggest caning.

Case in point, since last Friday, the Commonwealth Bank of Australia (ASX: CBA) share price has lost 0.87% of its value. Westpac Banking Corp (ASX: WBC) shares are faring worse, down around 2%.

Why is the Bank of Queensland share price at a two-year low today?

But Bank of Queensland has lost around 4.3% over the same period. Bendigo and Adelaide Bank Ltd (ASX: BEN) shares are down by 2.35%. And Macquarie Group Ltd (ASX: MQG) has lost more than 4.5%.

So what’s going on here?

Well, it’s no secret that the woes that the ASX has been experiencing this week largely stem from the ructions we’ve seen over on the US markets with the collapse of the US bank SVB Financial Group. When banks run into trouble, it tends to really spook investors. This is because it could indicate problems with the entire financial system.

As such, we’ve seen bank shares all around the world come under pressure over the past few days. One of the largest US banks – Bank of America Corp – has lost close to 17% over the past week alone.

Smaller banks can be deemed riskier simply due to their size and lack of scale compared to larger banks. As such, they are often shunned by investors in times of strife. This probably explains why the Bank of Queensland, share price, along with the other smaller ASX bank shares, are faring worse than the big banks today.

The post Why did the Bank of Queensland share price just hit a multi-year low? appeared first on The Motley Fool Australia.

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More reading

• Why Bank of Queensland, Brainchip, Pilbara Minerals, and Yancoal shares are sinking today
• ASX 200 bank shares: Are they better prepared than Silicon Valley Bank?
• Why are ASX 200 bank shares like CBA being annihilated today?
• Why did the Bank of Queensland share price smash the ASX 200 in February?

SVB Financial provides credit and banking services to The Motley Fool. Bank of America is an advertising partner of The Ascent, a Motley Fool company. Motley Fool contributor Sebastian Bowen owns shares of Bank of Queensland. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Bank of America and SVB Financial. The Motley Fool Australia has positions in and has recommended Bendigo And Adelaide Bank and Macquarie Group. The Motley Fool Australia has recommended SVB Financial and Westpac Banking. 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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The IPH Ltd (ASX: IPH) share price is missing out on the market selloff today.

That’s because the ASX 200 intellectual property (IP) services company’s shares were slammed into a trading halt this morning.

However, judging by its trading halt request, its shares may well take a tumble when they return to trading on the ASX boards on Wednesday.

Why is this ASX 200 share in a trading halt?

IPH requested a trading halt on Tuesday after it became the latest victim of a cybersecurity incident.

This follows incidents in recent months impacting Costa Group Holdings Ltd (ASX: CGC), Medibank Private Ltd (ASX: MPL), Optus, and TPG Telecom Ltd (ASX: TPG).

Not much is known about the cyber-attack at present, with IPH holding its cards close to its chest. Its request only states:

IPH requests the trading halt to enable it to manage its continuous disclosure obligations in relation to a cyber incident that IPH has recently become aware of; (b) IPH requests that the trading halt continue until the earlier of a release of an announcement by IPH and the commencement of normal trading on Wednesday, 15 March 2023.

Investors will have to be patient and wait for that announcement tomorrow to see what damage has been done from the attack.

In light of the above, it is no wonder that the Betashares Global Cybersecurity ETF (ASX: HACK) share price is up over 6% this year. This compares favourably to the performance of the ASX 200 index, which is down almost 1% in 2023.

The post Another ASX 200 company has been hit with a cyber incident. Here’s what we know appeared first on The Motley Fool Australia.

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• 3 ASX 200 stocks marching higher following earnings updates

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 positions in and has recommended BetaShares Global Cybersecurity ETF. The Motley Fool Australia has positions in and has recommended BetaShares Global Cybersecurity ETF. The Motley Fool Australia has recommended Costa Group, IPH, and Tpg Telecom. 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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The Pilbara Minerals Ltd (ASX: PLS) share price is digging a deeper hole on Tuesday.

At the time of writing, shares in the lithium producer are down 6.2% to $3.65. The company is not alone in its punishment today, with nearly the entire S&P/ASX 200 Index (ASX: XJO) sitting in the red, aside from some strength among gold miners.

It’s been a tough month for Pilbara Minerals shares amid a cascading lithium price. A mixed bag of views on the battery commodity has cast doubt on the industry’s future cash flows. In turn, the Pilbara Minerals share price has tumbled 24% over the past month.

Could the downtrodden price represent a valuable opportunity?

Time to pull the trigger on Pilbara Mineral shares?

First and foremost, mining is a price-taking industry. Profits for companies — including those of Pilbara Minerals — are heavily dependent on the going rate for the commodity in question.

All else equal, you can expect the company’s earnings to grow in lockstep with the material. Hence, the supply and demand of lithium are critical to the performance of the industry and the companies that operate in it.

As we can see in the chart below, Pilbara’s profits have skyrocketed alongside the price of lithium since 2021. However, lithium futures (orange) have traded downwards since the end of last year, coinciding with the peak in revenue.

While Pilbara Minerals shares may look cheap at a price-to-earnings (P/E) ratio of 6.6 right now, this is based on the past 12 months of earnings. The concern is earnings could be meaningfully lower moving forward with lithium carbonate prices tumbling nearly 40% so far this year.

If the current Pilbara Minerals share price represents an opportunity then it really comes down to whether you believe lithium prices will trend higher or sustain their downward move.

What are analysts forecasting for lithium?

As previously mentioned, the future of lithium depends on who you ask and over what time frame.

My colleague, Tristan Harrison, recently wrote about Citi’s forecasts of further weakening in the electrifying material’s price.

According to the broker, short-term pressure will come from a perceived weakness in electric vehicle demand in China. As such, Citi’s analysts are expecting a price of US$40,000 per tonne in the next three months compared to its prior US$60,000 per tonne estimate.

Meanwhile, the team at Morgans is expecting demand in the Chinese market to return from March onwards. On this assumption, analysts think Pilbara Minerals shares are worth considering amid the selling.

The post Down 24% in a month, is the Pilbara Minerals share price now a bargain buy? appeared first on The Motley Fool Australia.

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More reading

• Why Bank of Queensland, Brainchip, Pilbara Minerals, and Yancoal shares are sinking today
• Here are the 3 most heavily traded ASX 200 shares on Monday
• Here’s why experts rate these ASX 200 growth shares as buys
• Will the Pilbara Minerals share price crash in 2023?
• Top brokers name 3 ASX shares to buy next week

Motley Fool contributor Mitchell Lawler 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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With so many shares to choose from on the ASX, it can be hard to decide which ones to buy. The good news is that brokers across the country are doing a lot of the hard work for you.

Three top ASX shares that leading brokers have named as buys this week are listed below. Here’s why they are bullish on them:

IDP Education Ltd (ASX: IEL)

According to a note out of Credit Suisse, its analysts have initiated coverage on this language testing and student placement company’s shares with an outperform rating and $35.50 price target. The broker likes the company due to its defensive earnings and exposure to structural growth markets. The latter is expected to be supported by the growing middle class in Asia. The IDP Education share price is trading at $27.98 today.

Global Lithium Resources Ltd (ASX: GL1)

A note out of Macquarie reveals that its analysts have retained their outperform rating on this lithium developer’s shares with a trimmed price target of $3.60. This follows the release of its latest drilling update, which points to a large north-eastern extension of the existing Manna Deposit. Macquarie was pleased with the update and has only trimmed its valuation to account for a probable equity funding package to support project development. The Global Lithium share price is fetching $1.32 this afternoon.

Woolworths Group Ltd (ASX: WOW)

Analysts at Citi have retained their buy rating and $42.20 price target on this retail giant’s shares. The broker is feeling relatively positive on consumer spending and has boosted its earnings estimates marginally to reflect this. Citi is forecasting earnings per share growth of approximately 14% in both FY 2023 and FY 2024. The Woolworths share price is trading at $36.22 on Tuesday.

The post Leading brokers name 3 ASX shares to buy today appeared first on The Motley Fool Australia.

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• Should I buy Woolworths shares at $37?
• ‘Still has legs’: Not too late to buy these 2 stellar ASX 200 shares, says expert
• Big lesson from reporting season: STAY AWAY from these ASX shares, says expert
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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 positions in and has recommended Idp Education. The Motley Fool Australia has recommended Idp Education. 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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Well, it’s been an awful day for the S&P/ASX 200 Index (ASX: XJO) so far this Tuesday, no way around it. At present, the ASX 200 has lost a meaty 1.65%, dragging the Index back under 7,000 points. And one of the worst casualties of this market pessimism is the Magellan Financial Group Ltd (ASX: MFG) share price.

Magellan shares haven’t done well in the face of this ASX sell-off, to put it kindly. This ASX 200 fund manager has cratered by a nasty 4.4% at the time of writing, putting the company down to $8.03 a share. 

This bad news was a lot worse this morning too. Just before midday, the Magellan share price fell as low as $7.90 a share.

Not only is that a new 52-week low for Magellan, but it represents a new 10-year low for the fund manager. Yep, you’d have to go back all the way to June 2013 to find the last time Magellan was trading with a 7 at the front of its share price:

So what’s going on with Magellan today that has the company at a decade low?

Why is the Magellan share price at a 10-year low today?

Well, it doesn’t appear to be the result of anything out of the company itself. There hasn’t been much in the way of news at all out of Magellan recently. The company’s last ASX announcement was the funds under management (FUM) update we received on 6 March.

This didn’t contain much in the way of good news, with Magellan’s FUM standing at $45.4 billion as of 28 February, down from $6.2 billion at the end of January.

Magellan shares have been losing steam ever since this update was released, but its losses have accelerated sharply over the past few days. In fact, over the past week alone, the Magellan share price is down by more than 7%.

As such, it looks like investors are bailing out of Magellan thanks to the woes of the broader market. As we’ve extensively covered here at the Fool, the collapse of the US bank SVB Financial Group has spooked markets all around the world.

The ASX sell-off in the wake of the news that SVB had gone under late last week has resulted in the ASX 200 losing all of the gains that it had notched up in 2023 so far.

So it seems that investors can thank this bout of panic for the lows we are seeing in the Magellan share price this Tuesday.

The post Magellan share price slumps 5% to 10-year low appeared first on The Motley Fool Australia.

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Motley Fool contributor Sebastian Bowen 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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