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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has followed Wall Street’s lead and tumbled lower. At the time of writing, the benchmark index is down 0.9% to 7,058.5 points.

Four ASX shares that are not letting that hold them back are listed below. Here’s why they are rising:

Boss Energy Ltd (ASX: BOE)

The Boss Energy share price is up 3% to $2.52. This uranium developer’s shares were given a boost this morning from a broker note out of Macquarie. According to the note, the broker has retained its outperform rating and $3.20 price target on Boss Energy’s shares. This follows news that the US is seeking to wean itself off Russian uranium.

Crown Resorts Ltd (ASX: CWN)

The Crown share price is up 2% to $13.02. Investors have been buying the casino and resorts operator’s shares following the release of an update on Blackstone’s takeover bid. According to the release, the 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 step closer to completion.

Magellan Financial Group Ltd (ASX: MFG)

The Magellan share price is up 2% to $12.83. This morning the fund manager 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.

Shaver Shop Group Ltd (ASX: SSG)

The Shaver Shop share price is up 4% to $1.06. The catalyst for this was the release of a trading update from the retailer. That update reveals that the grooming and beauty products retailer’s sales are up 5.7% so far in the second half and 3.9% financial year to date. A key driver of this growth has been its online business, which reported year to date sales growth of 27.5%.

The post Why Boss Energy, Crown, Magellan, and Shaver Shop shares are rising appeared first on The Motley Fool Australia.

More reading

• ASX 200 midday update: Magellan rebounds, Crown’s takeover boost
• Why is the Crown share price beating the ASX 200 today?
• Magellan share price pushes higher on Hamish Douglass return
• Why BrainChip, Firefinch, Magellan, and Westpac shares are dropping
• Why are ASX uranium shares having such a cracker run 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 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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ASX coal shares may not be everyone’s cup of tea.

ESG-focused investors may choose to look elsewhere over concerns that the coal being dug out of the Earth and sold both domestically and internationally is adding to greenhouse gas emissions.

While those concerns are valid, global demand for coal remains massive, with coking coal used for steel production, and nations including India and China among the nations rolling out new coal-fired power plants requiring thermal coal.

And much of the coal produced in Australia is high quality, burning hotter and cleaner than lower quality products sourced elsewhere.

Russia’s war in Ukraine saw ASX coal shares soar

Coal prices reached all-time highs in the wake of Russia’s invasion of Ukraine, sending ASX coal shares soaring.

Western Europe is not only heavily reliant on Russian oil and gas, the nations source much of their coal from Russia as well. Before the war, Poland imported some 90% of its coal from Russia.

With many nations now working to ween themselves off Russian energy, ASX coal shares have received some international attention as potentially filling the void.

While they’ve expressed a willingness to do what they can, it takes years to get new projects to the production stage or significantly ramp up production from existing projects.

Meaning high coal prices are likely here for a goodly while yet.

Australia needs coal power stations back online

Despite significant investment in renewables, Australia also remains highly dependent on coal – and the ASX coal shares that dig it up – to keep the lights on.

In fact, coal is the top energy provider Down Under.

According to the Australian Government, coal accounts for about 54% of Australia’s electricity generation, followed by gas at 20%.

With electricity prices already soaring, and driven still higher by the unplanned shutdown of some coal-fired power stations, Resources Minister Madeleine King sounded a call to action.

According to King (speaking on ABC radio):

In the very short term, what we really need to do is to have the coal power stations come back online because that is the missing piece of the puzzle right now. There’s been unplanned outages for many reasons, many beyond the control of those operators and I do accept that, but I hope they’re doing their best to make sure this power source comes online as well.

It is the coal companies themselves, and the operators of the power stations, that need to get these power stations back online. It’s 30% of the energy capacity taken out of the mix because of unforeseen circumstances in many respects.

How have these ASX coal shares been performing

Amid the tight supplies and strong demand, ASX coal shares have been among the top performers on the index.

Year-to-date, the Whitehaven Coal Ltd (ASX: WHC) share price has soared by 96%, New Hope Corporation Limited (ASX: NHC) shares are up 69%, and the Yancoal Australia Ltd (ASX: YAL) share price is up an eyewatering 114% so far in 2022.

For some context, the All Ordinaries Index (ASX: XAO) is down 3% this calendar year.

The post ASX coal shares have been soaring lately. Here’s why appeared first on The Motley Fool Australia.

More reading

• 3 ASX All Ordinaries shares up by more than 130% so far in 2022
• Do Whitehaven Coal shares pay dividends?
• Why Core Lithium, Perenti, Strandline, and Yancoal shares are pushing higher
• Yancoal share price lifts as potential takeover slammed
• Here are the best performing ASX dividend shares so far this year

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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There’s no doubt uncertainty and the recent volatility in the ASX share market can make trading a little unnerving for investors. But this roller-coaster ride we’re on may have opened up some big opportunities in June 2022, according to experts.

While no-one can know what share prices are going to do, particularly in the shorter-term, it’s possible to search for good value investments that could do well over the longer-term.

Experts like to analyse ASX shares and aim to identify the ones that could deliver good returns. It’s up to investors to decide if they agree with the optimism (or negativity).

Sometimes brokers get it wrong, but here are two ASX shares that they rate as having sizeable upside.

Charter Hall Group (ASX: CHC)

Charter Hall is one of the largest property managers in Australia. It looks after more than $60 billion in properties, and has a property development pipeline worth $13.2 billion.

It also recently extended its funds management business into another asset class, with the 50% acquisition of the $18.2 billion equities fund manager Paradice Investment Management. Paradice invests on behalf of wholesale and retail investors across domestic and global listed equities.

Credit Suisse currently rates Charter Hall as a buy with a price target of $16.71. That implies a possible rise of more than 30%.

Looking at the projection for FY23, Credit Suisse thinks that the Charter Hall share price is valued at 14x FY23’s estimated earnings, with a predicted distribution yield of 4.9%.

One of the latest moves by the ASX share is, as part of a partnership, to buy the ASX property business Irongate Group (ASX: IAP). Although interest rates are rising, Credit Suisse’s judgements are taking that into account with Charter Hall.

Pacific Smiles Group Ltd (ASX: PSQ)

This company owns and operates the Pacific Smiles Dental Care Centres and the nib Dental Care Centres which are located throughout Australian Capital Territory, New South Wales, Victoria and Queensland.

Pacific Smiles said it was “committed to delivering outstanding patient care and customer service through a growing network of quality dental centres which provide practitioners, patients, private health insurers and other third-party funders with services and care.”

With a plan to expand its portfolio steadily, Pacific Smiles says it’s on track to open between 15 to 20 new centres in FY22. By the end of May, it expected to have 125 centres, as well as six centres in the HBF Dental network.

Pacific Smiles recently said that in the financial year to date to April 2022, total patient fees of $183.8 million were down 8.2%. Comparable patient fees from dentist centres that have been operating for more than 12 months were down 12.4%.

But, total patient fees for the period of February 2022 to April 2022 were only down 3.1% year on year.

Morgan Stanley has a price target of $3 on the company. That implies a possible rise of more than 100% for the dental business. One of the main positives for the broker is the expansion of the network.

The post 2 great ASX shares to buy in June 2022: experts appeared first on The Motley Fool Australia.

More reading

• 2 ASX shares just had a shocker but are awesome long-term buys: fund

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 Scott Phillips.

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The Race Oncology Ltd (ASX: RAC) share price is surging today after the specialty pharmaceutical company made an announcement regarding an on-market share buyback.

At the time of writing, Race Oncology shares are swapping hands at $1.96, up 15.68%.

Race Oncology set to commence share buyback

In today’s statement, Race Oncology advised that the board has approved an on-market share buyback over the next 12 months.

The maximum amount the company is willing to take off the market is four million Race Oncology shares.

Based on valuation metrics, the buyback represents around 2.5% of the current total issued capital.

Management noted that the on-market buyback is an efficient capital management option available to maximize shareholder value.

It also allows Race Oncology to take advantage of the share price weakness when it doesn’t reflect the underlying value of the business.

Traditionally, when a company looks to purchase its own stock, this pumps up the earnings per share (EPS) metric.

Furthermore, the value of each individual share also increases as there are fewer shares on the company’s registry.

Shareholders won’t need to do anything as there is no approval required.

However, the board stated that it will execute the on-market buyback at its own discretion.

Race Oncology CEO Phillip Lynch commented:

The Board believes Race is currently undervalued due to a range of factors external to the company’s fundamentals.

We believe a share buyback is an appropriate use of capital at this point in time, and that the quantum involved will not compromise pre-clinical and clinical programs as committed under our recent Share Purchase Plan.

What else has been happening at Race Oncology?

The Race Oncology share price could also be benefiting from an announcement yesterday that the company is expanding a clinical trial of its anti-cancer drug candidate Zantrene to Europe.

The company is expanding the BISECT (RAC-006) phase 1b/2a clinical trial in extramedullary acute myeloid leukaemia and myelodysplastic syndromes patients to include five additional trial sites in Spain and Italy.

Furthermore, to support the additional trial monitoring activities, Race has signed a new clinical support agreement with global clinical research organisation Parexel International.

The Race Oncology share price climbed 3% yesterday on the back of the news.

Race Oncology share price snapshot

Despite soaring today, it’s been a disappointing 12 months for the Race Oncology share price, which has fallen almost 50%.

Year-to-date, its shares are also heavily down by 46%.

Race Oncology commands a market capitalisation of roughly $339.78 million and has approximately 159.52 million shares outstanding.

The post Race Oncology share price soars 16% on buyback news appeared first on The Motley Fool Australia.

More reading

• Why is the Race Oncology share price in a trading halt?

Motley Fool contributor Aaron Teboneras 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 Aussie Broadband Ltd (ASX: ABB) share price is in the red on Thursday despite the company retaining an important crown.

The company has been found to be Australia’s most trusted telco again – a critical measure for the health of the brand.

At the time of writing, the Aussie Broadband share price is $3.55, 0.7% lower than its previous close.

For context, the broader market is also struggling on Thursday. The S&P/ASX 200 Index (ASX: XJO) is currently down 1.14% while the All Ordinaries Index (ASX: XAO) has slipped 1.18%.

Let’s take a closer look at Aussie Broadband’s retained title and what it means for the company.

Aussie Broadband wins ‘most trusted’ in 2022

Aussie Broadband is likely celebrating today despite the company’s share price sliding.

Today, it revealed Aussies named the telco as the industry’s most trusted brand for the second year in a row, according to research by Roy Morgan.

Roy Morgan CEO Michele Levine recently noted that trust was “the cornerstone of a sustainable future” and a key value driver. Trust could account for around 75% of a brand’s reputation, Levine said.

According to Aussie Broadband customers, the brand’s key trustworthy attributes were “good customer service and reliability”.

Aussie Broadband managing director Phillip Britt today commented on the research house’s findings, saying:

We’re very honoured that consumers and Roy Morgan have recognised that we provide a high-quality service and see us as the most trusted telco in Australia.

Plenty of accolades

The title of ‘Australia’s most trusted telco’ is just the latest the company has managed to retain.

Last month, it took out Internet Service Provider of the Year for the second year in a row at Roy Morgan’s Customer Satisfaction Awards for 2021.

The company also joined an exclusive list of 10 brands found to be Australia’s ‘best of the best’, an award featuring winners of all 40 categories designated by Roy Morgan.

The telco is one of just four brands to receive the award in consecutive years.

Aussie Broadband share price

Despite the company being a favourite among customers, the Aussie Broadband share price has struggled this year.

It’s currently 25% lower than it was at the start of 2022. However, shares in the company are still 24% higher than this time last year.

The post Aussie Broadband share price dips despite telco named ‘Australia’s most trusted’ appeared first on The Motley Fool Australia.

More reading

• Down 20% in 2022, is the Aussie Broadband share price a no-brainer buy?
• Leading brokers name 3 ASX shares to buy today
• These ASX 200 companies just lost market share to a small-cap rival
• 3 quality ASX All Ordinaries shares that defied today’s sell-off

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 positions in and has recommended Aussie Broadband Limited. The Motley Fool Australia has recommended Aussie Broadband Limited. 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 Westpac Banking Corp (ASX: WBC) share price has continued its slide on Thursday.

In afternoon trade, the banking giant’s shares are down a further 4% to $21.00.

This means the Westpac share price is now down over 12% this week.

Why is the Westpac share price sinking?

Investors have been selling bank shares this week amid concerns over the Reserve Bank of Australia’s aggressive rate hikes.

There are fears that a quick and aggressive tightening cycle could create challenges for the major banks from more expensive wholesale funding, a weaker housing market, and a greater risk of a recession. Whereas a gradual and measured tightening cycle was expected to be more manageable for the banks and the economy.

Also weighing on the Westpac share price today is news that UBS has downgraded its shares.

According to the note, the broker has downgraded the bank’s shares to a neutral rating and cut the price target on them to $26.00.

UBS highlights that bank shares have traditionally underperformed the market during periods of high inflation and low growth.

Though, it is worth noting that the broker’s price target still implies material upside for investors, so it isn’t all bad news for them.

The post Westpac share price slides again and is now down 12% this week appeared first on The Motley Fool Australia.

More reading

• What exactly is going on with ASX 200 bank shares and the RBA rate rise?
• Why BrainChip, Firefinch, Magellan, and Westpac shares are dropping
• Here are the 3 most traded ASX 200 shares on Wednesday
• Why are ASX 200 bank shares plunging on Wednesday?
• Westpac share price tumbles 5% on Wednesday

Motley Fool contributor James Mickleboro has positions in Westpac Banking Corporation. 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 Westpac Banking Corporation. 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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S&P/ASX 200 Index (ASX: XJO) bank shares are not feeling the joy from the Reserve Bank of Australia’s 0.50% interest rate hike decision on Tuesday.

With all of the ASX 200 bank shares deep in the red today, the S&P/ASX 200 Financials Index (ASX: XFJ) is down 2.8%, more than twice the 1.1% decline posted by the ASX 200.

And the big banks are all underperforming the financial index.

How are the ASX 200 bank shares performing?

In late morning trade, here’s how the ASX 200 bank shares stack up:

• Commonwealth Bank of Australia (ASX: CBA) share price is down 4.1%
• Australia and New Zealand Banking Group Ltd (ASX: ANZ) share price is down 2.7%
• Westpac Banking Corp (ASX: WBC) share price is down 3.8%
• National Australia Bank Ltd (ASX: NAB) share price is down 3%

All of the big banks sold off in the 90 minutes of trading that remained following the RBA’s Tuesday rate hike announcement. And all of them lost ground yesterday.

Putting the numbers together, since 2:30 pm AEST when the RBA surprised markets with the hawkish rate hike, the CBA share price is down 9.3%, ANZ shares have lost 5.8%, Westpac is down 10.6%, and the NAB share price has fallen 7.9%.

What’s going on?

ASX 200 bank shares receive both tailwinds and headwinds from increased interest rates.

With rates at near zero this past year, the banks saw their net interest margins squeezed.

If rates move gradually higher, so too do their profit margins. Matt Comyn, CEO of CommBank, estimates that the banks’ net interest margins will increase by 0.04% for every 0.25% the RBA boosts the cash rate.

But the selling action we’re seeing among the ASX 200 banks since Tuesday afternoon’s rate hike tells us the tailwinds are winning out for now.

That’s likely because the RBA increased rates by more than consensus expectations, and governor Philip Lowe sounded some hawkish notes about further rate increases ahead in 2022.

That not only increases the banks’ own funding costs, it could also negatively impact their lucrative mortgage lending, with the potential for an increase in bad debts alongside fewer new loans being issued.

And falling house prices have historically seen the banks struggle.

Richard Wiles, head of Australian research at Morgan Stanley, pointed out that ASX 200 bank shares are likely to underperform if the RBA moves aggressively with rate increases.

“Much of the benefit of higher rates is factored into the outlook,” he said. “Housing loan growth is likely to slow, inflation is putting more pressure on costs, and a quick and aggressive tightening cycle increases tail risks.”

The post What exactly is going on with ASX 200 bank shares and the RBA rate rise? appeared first on The Motley Fool Australia.

More reading

• Why is the NAB share price sinking on Thursday?
• Why has the CBA share price cratered 4% today?
• Why BrainChip, Firefinch, Magellan, and Westpac shares are dropping
• Here are the 3 most traded ASX 200 shares on Wednesday
• Rate pain? ANZ share price dips to 52-week low on Wednesday

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 Westpac Banking Corporation. 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 National Australia Bank Ltd (ASX: NAB) share price is again heading south today.

At the time of writing, the banking giant’s shares are down 2.66% to $28.14. This means that in the past week, its shares have fallen more than 10%.

For context, the S&P/ASX 200 Financials Index (ASX: XFJ) is down 2.36% today to 6,036.2 points.

Shares in the other big four banks, Westpac Banking Corp (ASX: WBC), Commonwealth Bank of Australia (ASX: CBA), and Australia and New Zealand Banking Group Ltd (ASX: ANZ), are shedding 3.69%, 3.48%, and 2.07%, respectively.

What’s happening with NAB shares?

The NAB share price could be falling as banks continue to feel the knock-on effects of the Reserve Bank of Australia’s decision on Tuesday to raise the cash rate by 0.50%. All the major banks saw their share prices fall on Wednesday as investors digested the news.

There was also a non-price-sensitive announcement out of NAB after the market closed yesterday.

According to the update, NAB announced that it has allocated $2 billion under the capital notes 6 offer. Previously, the bank set aside around $1 billion.

The revised offer size appears to be from the heavy demand by participating syndicate brokers and institutional investors.

Furthermore, management disclosed that the margin will be at 3.15% per annum on the back of the successful bookbuild.

A replacement prospectus will be available for investors to view next Tuesday.

The capital notes are being issued as part of NAB’s ongoing funding and capital management strategy. Management will distribute the proceeds towards the bank’s general corporate and funding purposes.

There have been no changes to the capital notes 6 closing date, which is expected on 30 June 2022. Settlement will take place on 7 July, with the notes available for trading the following day.

NAB share price summary

While it has been a tough month for all banking shares, the NAB share price is up around 5% over the last 12 months.

However, when looking at year-to-date, its shares are down roughly 3%.

Based on today’s price, NAB commands a market capitalisation of roughly $96.62 billion.

The post Why is the NAB share price sinking on Thursday? appeared first on The Motley Fool Australia.

More reading

• What exactly is going on with ASX 200 bank shares and the RBA rate rise?
• Why are ASX 200 bank shares plunging on Wednesday?
• NAB share price backtracks amid $1 billion capital raise
• What’s the outlook for the NAB share price in June?
• 2 top ASX dividend shares to buy according to analysts

Motley Fool contributor Aaron Teboneras 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 Westpac Banking Corporation. 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 Coles Group Ltd (ASX: COL) share price has been falling in recent weeks. Could the supermarket giant now be a buying opportunity?

As a supermarket network, Coles is able to pass on inflation increases to consumers through higher prices on the shelves. If it maintains the same earnings before interest and tax (EBIT) margin, then a price inflation can benefit the company’s bottom line net profit.

At the time of writing, the Coles share price is down 0.51%, trading at $17.57.

How has the company performed recently?

In its FY22 third quarter for the 12 weeks to 27 March, Coles said total sales increased by 3.9% to $9.3 billion. The supermarkets segment saw sales growth of 4.2% to $8.23 billion.

The company noted that floods in South Australia caused some logistical disruptions into Western Australia and the Northern Territory. Floods in New South Wales and Queensland saw 130 stores temporarily close across supermarkets, liquor and the Coles Express network.

It also noted that cost price inflation is impacting suppliers as a result of increased raw material, commodity, shipping and fuel costs.

In addition, local shopping trends re-emerged with the contribution from neighbourhood stores becoming greater, compared to shopping centres and CBD stores. Supermarket e-commerce sales growth was 45%, reflecting increased capacity investments.

Coles also said that in the fourth quarter to date, it recorded a “solid” trading period, with no COVID-19 related restrictions on traditional family events such as Easter.

The ASX share said it was continuing to manage the ongoing impacts from the third quarter’s disruptive events. Availability was improving as the supply chain recovered. COVID-19 costs are expected to continue to moderate further.

However, supplier input cost inflation was expected to continue in the fourth quarter and into FY23. Coles said it would continue to focus on providing “trusted value” for customers to ease the burden from cost of living pressures.

What do brokers make of the Coles share price?

The broker Morgans currently rates Coles as a buy, with a price target of $20.65. That implies a possible rise of 17% over the next year. Morgans noted that the third quarter update was better than expected, despite various COVID-19 impacts and other disruptions.

Morgans values the Coles share price at 24x FY22’s estimated earnings with a grossed-up dividend yield of 4.9%.

Macquarie is another broker that rates Coles as a buy. The price target is $19.70, suggesting a possible upside of more than 10%. The broker thinks that a business like Coles in the food and staples retailing sector can do better than ASX shares in some other categories.

Due to the potential for (and evidence of) price/earnings (p/e) ratio de-ratings for many ASX shares during these times of rising interest rates, a lower p/e ratio business like Coles could do better.

Macquarie numbers imply that the Coles share price is valued at 23x FY22’s estimated earnings and a potential grossed-up dividend yield of 5%.

However, Credit Suisse rates the Coles share price as ‘neutral’, with a price target of $18.81. That suggests a mid-single-digit rise. One of the reasons it’s less optimistic is because it doesn’t think Coles’ profit margins will do as well as other investors are expecting.

Credit Suisse thinks the Coles share price is valued at 23x FY22’s estimated earnings with a grossed-up dividend yield of 5.1%.

In FY23, all three brokers are expecting a slight increase in profit and dividend growth.

The post Is the Coles share price a bargain buy right now? appeared first on The Motley Fool Australia.

More reading

• Where next for the Coles share price?
• 2 inflation-beating ASX 200 dividend shares experts rate as buys this month
• UBS warns of more downgrades for ASX 200 shares… but not all
• Why is the Coles share price lagging the ASX 200 on Friday?
• Fundie reveals 3 ASX 200 shares with major pricing power to counter inflation

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 positions in and has recommended COLESGROUP DEF SET. The Motley Fool Australia has recommended Macquarie Group Limited. 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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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.

More reading

• Why is the Crown share price beating the ASX 200 today?
• Magellan share price pushes higher on Hamish Douglass return
• 5 things to watch on the ASX 200 on Thursday
• Why is the Woodside share price flying higher today?
• Why BrainChip, Firefinch, Magellan, and Westpac shares are dropping

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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