The Magellan Financial Group Ltd (ASX: MFG) share price is currently up by 7%. It hasn’t been this high since the start of March 2022.

The S&P/ASX 200 Index (ASX: XJO) is also up today, rising by around 0.7%.

Over the last 24 hours, there has been positivity in the global share market amid the news that Russia said it would “drastically reduce” its attacks on the cities of Kyiv and Chernihiv. The S&P 500 Index (SP: .INX) went up by 1.2% overnight.

What’s happening with the Magellan share price?

Magellan shares have surged this week.

However, the fund manager’s shares remain 54% lower than where it was six months ago. Since the start of 2022, the Magellan share price has dropped around 25%.

The company has seen an enormous amount of funds under management (FUM) leave the business.

Its latest update, given on 14 March 2022, revealed that Magellan’s FUM had dropped to $69.1 billion. That was a decline from $77.2 billion, which was reported to the ASX on 25 February 2022. It has experienced net outflows of approximately $5 billion since the February update, including net institutional outflows of $4.7 billion and net retail outflows of $0.3 billion.

Magellan had also received notifications of intention to redeem $1 billion, which was reflected in the above FUM figures.

The fund manager has also seen its talisman and co-founder Hamish Douglass take a leave of absence after a period of intense pressure. He has also stepped down from the board.

Buyback 

Magellan recently announced the launch of a share buyback. It will buy up to 10 million shares, representing up to 5.4% of shares on issue.

Broker thoughts on the Magellan share price

Morgans thinks Magellan is a ‘hold’ with a price target of $15.78, though it thinks its FUM needs to stabilise.

Ord Minnett thinks it a sell, with a price target of just $13. The broker noted Magellan’s investment fund performance continues to disappoint.

The post Magellan (ASX:MFG) share price up another 7% to 1-month high appeared first on The Motley Fool Australia.

More reading

• ASX 200 (ASX:XJO) midday update: Telstra CEO steps down, Fortescue confirms E.ON deal
• Why did the Magellan (ASX:MFG) share price soar 7% on Tuesday?
• These were the worst performing ASX 200 shares last week
• 3 high-yield ASX dividend shares trading near 52-week lows
• Why Adairs, Betmakers, Magellan, and Northern Star shares are dropping

Motley Fool contributor Tristan Harrison owns Magellan Financial Group. 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 Bruce Jackson.

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The Eagers Automotive Ltd (ASX: APE) share price is on the move after the company announced a $205 million acquisition.

The company could also benefit from the fuel excise cut included in last night’s federal budget, according to UBS.

At the time of writing, the Eagers Automotive share price is $14.54, 3.19% higher than its previous close.

Let’s take a closer look at today’s news from the car, truck, and bus dealership.

Eagers Automotive share price up on acquisition news

The Eagers Automotive share price is launching higher on news the company is paying approximately $205 million to buy a portfolio of dealerships and properties in the ACT.

The portfolio, currently owned by WFM Motors, brings in a turnover of around $450 million annually.

The dealerships represent brands including Toyota, Ford, Volkswagen, Jeep, Lexus, Subaru, Mitsubishi, Volvo, and GMSV.

They span across 10 owned properties and three leased properties.

The portfolio also employs around 400 people, all of whom will be retained after the acquisition.

Eagers Automotive CEO Keith Thornton noted the ACT is a “key strategic region” for the company.

Thornton said the territory presents an “opportunity to grow our national footprint … [offering] immediate scale and scope for future growth”.

“The portfolio is high performing, representing leading manufacturers, and is situated in prime operating locations around Canberra,” Thornton continued.

The acquisition is subject to a number of conditions, including shareholder approval. Eager Automotive expects investors will get their say in July.

Additionally, UBS equity strategist Richard Schellbach identified the company as one that could get a boost from the federal budget’s fuel excise cut, as reported in the Australian Financial Review.

If motorists return to roads in droves as some predict, so too will their cars to service centres. That’s good news for Eager Automotive.

The equity strategist also noted the potential for the change to spur an increase in new car sales. Of course, that would likely be good news for Eagers Automotive’s bottom line and, in turn, its share price.

The post Here’s why the Eagers Automotive (ASX:APE) share price is climbing today appeared first on The Motley Fool Australia.

More reading

• ASX 200 (ASX:XJO) midday update: Telstra CEO steps down, Fortescue confirms E.ON deal

Motley Fool contributor Brooke Cooper 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 Bruce Jackson.

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The Nitro Software Ltd (ASX: NTO) share price is storming higher for a second day in a row.

In afternoon trade, the document productivity software company’s shares are up 10% to $1.55.

This means the Nitro share price is now up approximately 35% in the space of just two weeks. Though, its shares are still down by the same margin year to date.

Why is the Nitro share price rising?

A number of beaten down ASX tech shares are rising again on Wednesday after another strong night on Wall Street’s tech focused Nasdaq index.

In addition, a recent note out of Goldman Sachs reveals that its analysts believe Nitro’s shares have been severely oversold, creating a buying opportunity for investors. This could be giving its shares an added boost today.

According to the note, the broker has a buy rating and $2.60 price target on its shares. This suggests that there’s still potential upside of 68% for the Nitro share price despite its recent rally.

Commenting in February, Goldman highlighted the favourable risk/reward on offer with its shares after significant weakness in the preceding three months.

It said: “Nitro is down ~50% since November with the market currently pricing in long-term growth and margin assumptions that understate Nitro’s potential, in our view.”

In respect to its growth assumptions, Goldman believes the company can increase its US$34 billion total addressable market penetration from 0.15% to 1.4% by FY 2040. This implies a massive 9x uplift to Nitro’s current revenue base.

The post Why the Nitro (ASX:NTO) share price is jumping 10% appeared first on The Motley Fool Australia.

More reading

• Why is the Nitro Software (ASX:NTO) share price rocketing 9% higher?
• 2 ASX tech shares to buy now for DIRT CHEAP: experts
• Analysts name 2 exciting small cap ASX shares to buy with huge upside
• 3 growth shares analysts are tipping to rocket higher
• Analysts name 2 ASX growth shares to buy with 40%+ upside

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 Goldman Sachs. The Motley Fool Australia has recommended Nitro Software 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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Are you a shareholder of Wesfarmers Ltd (ASX: WES)? Congratulations, it’s payday for you. Wesfarmers, one of the oldest blue-chip shares on the S&P/ASX 200 Index (ASX: XJO), is paying out its interim dividend today. So if you’ve been a shareholder for longer than its last ex-dividend date of 22 February, get ready for a new dividend coming your way.

Last month when Wesfarmers revealed its half-year earnings report for the six months ending 31 December 2021, it seems investors weren’t too impressed. The company reported something of a mixed bag. Revenues, earnings, net profits after tax (NPAT), and basic earnings per share (EPS) all fell compared to the previous year. Even the company’s interim dividend took a hit. Wesfarmers announced an 80 cents per share interim dividend, fully franked. That represented a 9.1% cut compared to the previous year’s dividend.

Wesfarmers pays out a lowered dividend

The company mostly blamed this performance on the pandemic and associated lockdowns during the second half of last year, as well as staffing shortages and supply chain issues. On the day of the earnings announcement, the Wesfarmers share price fell 6% at one point. Even as it stands today, Wesfarmers shares are a good 6% or so below where they were prior to these earnings coming out.

But that’s all done and dusted now, and I’m sure investors are keen to receive their dividends today all the same.

Wesfarmers’ last two dividends equate to $1.70 in fully-franked dividends per share. That gives Wesfarmers a trailing dividend yield of 3.32% on current pricing, or 4.74% grossed-up with the full franking.

At the time of writing, Wesfarmers is trading at $51.19 a share. That puts its year-to-date performance in 2022 so far at a loss of 14.7%. Over the past 12 months, Wesfarmers shares have gone backwards by 2%. The company last hit a 52-week high of $67.20 back in August last year, meaning the shares are down more than 22% from that high as it stands today.

At the current Wesfarmers share price, this ASX 200 blue chip has a market capitalisation of $58 billion.

The post It’s payday for Wesfarmers shareholders today. Here’s the deal appeared first on The Motley Fool Australia.

More reading

• ‘Popping the champagne’ ASX retail shares leap following budget consumer handouts
• ASX 200 (ASX:XJO) midday update: Telstra CEO steps down, Fortescue confirms E.ON deal
• 5 things to watch on the ASX 200 on Wednesday
• Buy or sell? ASX experts rate the CBA share price for April
• These 3 ASX 200 shares are topping the volume charts this Tuesday

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 owns and has recommended Wesfarmers 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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Shares in Bank of Queensland Limited (ASX: BOQ) have re-staked their claim in the green and have climbed more than 8% in the past month.

ASX financials have strengthened tremendously in March and are now almost on par with most names in resources and mining.

In particular, the S&P/ASX 200 Financials Index (ASX: XFJ), up around 100 basis points today, has spiked more than 9% in the past month and is up 5% since January.

That’s well ahead of the benchmark S&P/ASX 200 Index (ASX: XJO) in that same time. BOQ is clearly outpacing the broader market.

What’s up with the BOQ share price?

Strength across the financials sector has strung BOQ shares up for the last month at least, particularly as the bank hasn’t released anything sensitive at all.

The prospects of higher interest rates and potential return of capital to shareholders has market pundits piling into the sector and names like BOQ are riding the momentum.

The result has been a swarm of inflows into ASX financial shares and ETFs and those early movers have seen their holdings climb steadily over the past 2 to 3 months.

BOQ shares are now in a vertical uptrend alongside the wider sector as the market begins re-weighting its preferences amid the current macroeconomic climate.

As such, analysts at Morgans reckon there is exceptional value in BOQ right now, and remain bullish with an $11 price target.

The view is shared by JP Morgan whom reckon the market will eventually begin to realise the pull-through from BOQ’s new digital strategy.

It remains the broker’s preferred pick out of the regional Australian banks, alongside several other brokers, with the sentiment overwhelmingly bullish, according to Bloomberg data.

The BOQ share price has climbed 1% back in the green over these past 12 months and is now trading 7% higher this year to date.

The post BOQ share price punches 8% higher in March to sprout into the green appeared first on The Motley Fool Australia.

More reading

• Bank of Queensland (ASX:BOQ) tipped for both share price and dividend boost
• Why has the Bendigo Bank (ASX:BEN) share price been smashing BOQ in 2022?
• The Bank of Queensland (ASX:BOQ) share price has rallied 11% in 2 weeks
• Brokers: Buy these 2 underrated ASX dividend shares
• Are Bank of Queensland (ASX:BOQ) shares cheap right now? Read what analysts say

Motley Fool contributor Zach Bristow 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 Bruce Jackson.

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ASX retail shares are in the green today following consumer spending incentives in the federal budget.

The S&P/ASX 200 Consumer Discretionary Index (ASX: XDJ) is up 1.16% so far today to 3,194.60 points. For perspective, the  S&P/ASX 200 Index (ASX: XJO) is ahead 0.72% at the time of writing.

Let’s take a look at how ASX retail shares are performing today.

Consumer spending boost

ASX retail shares are climbing today. The Harvey Norman Holdings Limited (ASX: HVN) share price is up 1.87%, Wesfarmers Ltd (ASX: WES) is 1.28% higher, and JB Hi-Fi Limited (ASX: JBH) is 1.23% in the green.

Meanwhile, the Adairs Ltd (ASX: ADH) share price is up a healthy 4.75%, Kogan.com Ltd (ASX: KGN) is surging 5.54%, and City Chic Collective Ltd (ASX: CCX) is 1.04% ahead.

Supermarket giant Coles Group Ltd (ASX: COL) is also ahead 1.06%, while Woolworths Group Ltd (ASX: WOW) is 1.3% higher.

Shareholders may be reacting to more cash in the hands of consumers. In last night’s budget, the federal government announced a $420 cost of living tax offset for 10 million Australians. Pensioners, welfare recipients, veterans, and eligible concession cardholders will also receive a “cost of living payment” of $250 in April.

Treasurer Josh Frydenberg said the cost of living package was introduced to “take the pressure off” household budgets.

Commenting on the budget implication for investors last night, the team at Switzer said the budget was good for consumer discretionary stocks, especially retailers including JB Hi-Fi, Harvey Norman and Wesfarmers. Peter Switzer added:

I would really be believing that retailers would be popping champagne corks tonight. It’s a very good budget for anyone that is linked intimately to the consumer.

ASX retail share recap

The S&P/ASX 200 Consumer Discretionary Index (ASX: XDJ) has climbed 3% in the past year although it has dropped more than 9% year to date amid ongoing COVID-19 uncertainty.

In comparison, the S&P/ASX 200 Index (ASX: XJO) has returned nearly 12% in the past year.

The post ‘Popping the champagne’ ASX retail shares leap following budget consumer handouts appeared first on The Motley Fool Australia.

More reading

• 5 things to watch on the ASX 200 on Wednesday
• Could these ASX shares get a boost from tonight’s federal budget?
• Leading brokers name 3 ASX shares to buy today
• Wesfarmers (ASX:WES) share price falls after top broker calls Bunnings owner a sell
• Hoping to bag the Harvey Norman (ASX:HVN) dividend? Here’s what you need to do this week

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended ADAIRS FPO and Harvey Norman Holdings Ltd. The Motley Fool Australia owns and has recommended ADAIRS FPO, Harvey Norman Holdings Ltd., and Wesfarmers 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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This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

What happened

Ethereum (CRYPTO: ETH) is the world’s second-largest cryptocurrency. However, Ethereum appears to be the top token right now in terms of investor interest, as this token surges higher once again today. As of 11:50 a.m. ET, Ethereum has surged 1.5% over the past 24 hours, bringing the token to within spitting distance of a key psychological level of $3,500 per token.

Interestingly, Ethereum has been one of the more consistent winners over the past week, up 12% over the past seven days. Most of this gain appears to be attributable to the highly anticipated upcoming “Ethereum merge”. Search interest for the Ethereum merge has skyrocketed of late, as investors look to understand what’s going on with this foundational crypto network. 

So what

Essentially, Ethereum is undergoing a series of updates to bring a proof-of-stake consensus mechanism into place. Right now, the Ethereum network relies on a proof-of-work mechanism to validate transactions on its blockchain and secure the network. This is the highly energy-intensive process involving serious computing power to solve complex mathematical problems that many investors don’t like.

Thus, this shift toward a proof-of-stake network is a big deal. The Ethereum merge will put an end to proof of work, ushering in a new staking-based consensus mechanism that environmentalists and investors alike are cheering. That’s because in addition to being better for the environment, investors will be able to stake their ETH tokens and earn rewards that are estimated to be in the double-digit range, just for locking them in and participating in the consensus mechanism. 

Now what

This Ethereum merge is a multi-part upgrade, ushering in what will be Ethereum 2.0 or Eth2. It’s generally expected that this update will launch sometime next quarter, with no specifics yet on the exact launch date. Accordingly, there’s a lot of positive anticipation about what’s on the horizon with the Ethereum network.

That said, this update isn’t without risk. It’s probably too early to tell whether this upgrade will go live without a hitch, and whether existing issues such as slow speeds and high costs will be “solved” with this update.

That said, investors seem to like the rhetoric around this upcoming merge, and are buying tokens en masse ahead of this upgrade. Over the coming months, I think Ethereum could be much more volatile than we’ve seen in the past. Accordingly, investors looking at jumping into the token at these levels should be prepared for some rather impressive moves over the near- to medium-term.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

The post Anticipation around the Ethereum merge is driving this token toward the key $3,500 level today appeared first on The Motley Fool Australia.

More reading

• Fortescue Future Industries just inked a multibillion-dollar green hydrogen deal in Germany. Here’s the lowdown
• What’s the outlook for the ANZ share price in April?
• ASX 200 (ASX:XJO) midday update: Telstra CEO steps down, Fortescue confirms E.ON deal
• Rivian stock soared today — is it a buy?
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Chris MacDonald owns Ethereum. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Ethereum. The Motley Fool Australia owns and has recommended Ethereum. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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This morning, the Fortescue Metals Group Limited (ASX: FMG) share price has exited a short-lived trading halt. The company was clarifying details around a deal made by its renewable energy arm, Fortescue Future Industries, to build a “hydrogen bridge” to Europe.

The deal will see Fortescue Future Industries supplying the continent with up to 5 million tonnes of green hydrogen annually by 2030.

That’s enough hydrogen to replace around a third of the calorific energy Germany imports from Russia.

Fortescue Metals’ shares went on ice this morning, pending an announcement release. That announcement clarified details around the potential cost of the deal.

At the time of writing, the Fortescue Metals share price is $19.58, 0.46% higher than its previous close.

Let’s take a closer look at today’s news from the iron ore giant’s hydrogen-focused green energy entity.

Fortescue Metals share price thawed on cost clarification

The Fortescue Metals share price was put in the freezer this morning amid news Fortescue Future Industries has entered a memorandum of understanding with E.ON to supply Europe with green hydrogen.

It was inked in Berlin by Fortescue Future Industries and E.ON. E.ON operates one of Europe’s largest energy networks and infrastructure and provides energy to 50 million customers.

The agreement caused chaos on the market this morning, with Fortescue Metals entering a trading halt before clarifying the details of its projected cost.

Fortescue Metals and Fortescue Future Industries chair and founder Dr Andrew ‘Twiggy’ Forrest initially told media the supply agreement will cost a minimum of US$50 billion (AU$66.6 billion).

In today’s release to the ASX, the company stated:

The expenditure described is a high-level assessment by the chairman of what such a major
project may cost and is appropriate in the environment the statement was made to provide context
and scale of the potential of the [memorandum of understanding].

The company has made no commitment to the expenditure. What’s more, any decision to spend that amount of cash would require approval from its board.

Fortescue Metals also said that, on top of its commitment to spend 10% of its net profits after tax (NPAT) on its green energy leg, it’s working with financiers to confirm project funding for green energy.

More details on Fortescue Future Industries’ ‘milestone’ deal

Fortescue Future Industries and E.ON will take to the books before the metaphorical shovel breaks any ground. They’ve agreed to research how to supply the renewable energy commodity as fast as possible.

Both have their sights on creating a 5 million tonne-per-annum green hydrogen supply chain.

E.ON CEO Leo Birnbaum said the partnership is a “milestone” in Europe’s energy transition.  

“Two major international companies are joining forces to build a ‘hydrogen bridge’ from Australia to Germany and the Netherlands, based on shared values and the joint capability of realising the scale of such a project,” said Birnbaum.

That “hydrogen bridge” will also help steer Europe away from its reliance on Russian energy fuel, said Forrest.

Fortescue Future Industries expects Australia will be the birthplace of much of Europe’s future green hydrogen. FFI’s other global projects will also have a role in the commodity’s production.

E.ON will then distribute the energy commodity across Europe. There, it will help to decarbonise thousands of enterprises in Germany and the Netherlands, as well as other European cities and communities supplied by E.ON.

According to Fortescue Metals CEO Elizabeth Gaines, the deal is a “decisive step forward in FFI’s journey to become one of the world’s largest green energy producers.”

The post Fortescue Future Industries just inked a multibillion-dollar green hydrogen deal in Germany. Here’s the lowdown appeared first on The Motley Fool Australia.

More reading

• ASX 200 (ASX:XJO) midday update: Telstra CEO steps down, Fortescue confirms E.ON deal
• Why is the Fortescue share price paused?
• 5 things to watch on the ASX 200 on Wednesday
• Leading brokers name 3 ASX shares to sell today
• What is the outlook for ASX 200 mining shares in April?

Motley Fool contributor Brooke Cooper 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 Bruce Jackson.

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The Australia and New Zealand Banking Group Ltd (ASX: ANZ) share price has risen by more than 7% in March. At the time of writing, it has beaten the performance of the S&P/ASX 200 Index (ASX: XJO) which has risen 6.7% so far this month. But what’s the outlook for the bank share in April?

ANZ shares are essentially flat in 2022, but most brokers are optimistic about the business with plenty of buy ratings.

Broker ratings on the ANZ share price

UBS rates ANZ as a buy, with a price target of $30. That implies a potential upside of 7% over the next 12 months. It noted ANZ’s new banking offering, ANZ Plus, though it doesn’t think it will help with its problems in mortgages.

Ord Minnett also rates ANZ as a buy, with a price target of $30.50. That’s a potential upside of almost 10%. However, it said that starting a whole new system and migrating people could come with issues, such as the costs of operating both systems at once. It notes this may hurt the bank’s ability to reduce costs.

What is ANZ Plus?

ANZ Plus is ANZ’s attempt to catch up with its banking rivals. ANZ said:

Smart, secure and designed to help improve financial wellbeing, the new ANZ Plus app makes managing your money simple (and fun!). With helpful tools and expert support, as well as easy ways to pay and save, this is a new way to bank.

The ANZ Plus app is expertly designed to give you more visibility and control over your money and help you achieve your financial goals.

How is the bank performing?

The latest that investors have heard from the bank is its market update for the three months ending 31 December 2021.

It said that the group net interest margin (NIM) was down eight basis points for the quarter, with the underlying NIM down five basis points. ANZ said this was largely driven by a lower exit rate at the full year (compared to the second half average) and a continuation of the structural headwinds impacting the sector.

ANZ noted the impact of rising rates, predominately in New Zealand, and recent deposit pricing changes that are expected to moderate these ongoing headwinds in the second quarter.

The big four ASX bank outlined that it has made solid progress in Australia to improve systems and processes for simple home loans with application times now in line with other major lenders.

However, efforts continue to improve response times for more complex home loan applications.

ANZ’s Australian home loans balance sheet grew slightly in the first quarter of FY22. Due to the high levels of refinancing activity in the sector, managing both attrition and margins remain key areas of focus for the bank.

Its ‘run the bank’ costs are expected to be broadly flat in the first half while it invests for growth.

Management said that the credit quality environment has remained “benign” with a total provision release of $44 million during the quarter.

ANZ said that its capital position continues to provide flexibility to return further surplus capital to shareholders. It’s considering increasing the size of the current on-market share buyback. The decision will balance the importance of capital efficiency against maintaining an appropriately strong balance sheet and continued monitoring of the economic situation.

The post What’s the outlook for the ANZ share price in April? appeared first on The Motley Fool Australia.

More reading

• What is the current dividend yield on ANZ shares?
• Is the new ANZ digital offering all it’s cracked up to be?
• Own ANZ shares? The ASX 200 bank just became the first to launch its own crypto
• Why are ASX 200 bank shares underperforming on Thursday?
• Own ANZ shares? Here’s why today was a big day for the bank

Motley Fool contributor Tristan Harrison 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 Bruce Jackson.

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At lunch on Wednesday, the S&P/ASX 200 Index (ASX: XJO) is on course to record another solid gain. The benchmark index is currently up 0.7% to 7,514.9 points.

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

Telstra CEO to retire

The Telstra Corporation Ltd (ASX: TLS) share price is in the red today. This follows news that the telco giant’s chief executive officer, Andrew Penn, will be stepping down from the role at the end of August. He will be replaced by the company’s current chief financial officer, Vicki Brady. She will take over on 1 September but will be working with Penn over the coming months to ensure that the transition is a smooth one.

Eagers Automotive announces acquisition

The Eagers Automotive Ltd (ASX: APE) share price is pushing higher today after the automotive retailer announced a major acquisition. According to the release, Eagers Automotive has entered into a non-binding agreement with WFM Motors to acquire a portfolio of dealerships and associated properties located in Canberra for approximately $205 million. The portfolio covers a range of brands including Toyota, Ford, Volkswagen, Jeep, Lexus, Subaru, Mitsubishi, Volvo, and GMSV.

Fortescue’s deal with E.ON

The Fortescue Metals Group Limited (ASX: FMG) share price is rising after the mining giant confirmed the signing of a memorandum of understanding with Germany’s E.ON. As part of the agreement, the company’s Fortescue Future Industries business will aim to supply Germany with green hydrogen by 2030. Fortescue estimates that it will require a US$50 billion investment but isn’t committing to this expenditure at this stage.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Wednesday has been the Magellan Financial Group Ltd (ASX: MFG) share price with an 8% gain. Investors may believe this fund manager’s shares have been oversold following a severe decline this year. The worst performer has been the Incitec Pivot Ltd (ASX: IPL) share price with a 5% decline. This is despite there being no news out of the agricultural chemicals company.

The post ASX 200 (ASX:XJO) midday update: Telstra CEO steps down, Fortescue confirms E.ON deal appeared first on The Motley Fool Australia.

More reading

• Why is the Fortescue share price paused?
• What you need to know about the new Telstra CEO
• Telstra share price on watch amid shock CEO exit
• 2 ASX dividend shares analysts rate as buys for April
• 5 things to watch on the ASX 200 on Wednesday

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 owns and has recommended Telstra Corporation 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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