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    MFG   AU000000MFG4

MAGELLAN FINANCIAL GROUP LIMITED

(MFG)
  Report
Delayed Australian Stock Exchange  -  05/23 02:10:38 am EDT
15.21 AUD   +2.98%
05/19UBS Adjusts Magellan Financial's Price Target to AU$13.50 From AU$13, Keeps at Sell
MT
05/10Magellan Financial Group Appoints CEO and Managing Director
MT
05/10Magellan Financial Group Limited Appoints Mr. David George as Managing Director
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Omicron, Magellan Financial drag Australian shares lower

12/20/2021 | 12:54am EDT

Dec 20 (Reuters) - Australian shares settled lower on Monday as energy stocks fell on concerns over oil demand outlook, while fund manager Magellan Financial Group slumped to its worst session on losing a major client.

The S&P/ASX 200 index slipped 0.16% to 7,292.2, closing lower for the fourth session in five.

Equity markets across Asia and crude prices sank as surging Omicron COVID-19 cases prompted tighter restrictions in Europe, threatening to disrupt global economic activity once again.

"Markets are very cautious ahead of the Christmas break, with concerns about the impact of the Omicron strain," analysts at National Australia Bank said in a note.

"More discontinuity in supply chains from Omicron could add to inflation concerns."

Energy stocks dropped 3.4% in their worst session in nearly a month and were the top losers on the benchmark index, as oil prices slumped by more than 2%.

Oil investor Washington H Soul Pattinson was the top loser on the sub-index, falling 6.1%, while gas producer Santos dropped 4.8%.

Magellan Financial Group plunged 32.9% after disclosing it had lost its largest client St James's Place , which accounted for around 12% of the company's annual revenue.

The financial index lost 0.8%, with three of the "Big Four" banks down between 0.1% and 1.4%.

Miners rose 0.1%, with Rio Tinto adding 0.2% after the iron ore behemoth appointed a new chairperson.

Dominic Barton, Canada's outgoing ambassador to China, will replace Rio's previous chair Simon Thompson, who stepped down to take responsibility for the company's destruction of ancient rock shelters in Australia.

Among other losers, construction firm CIMIC Group Ltd shed 15.4% before trading was paused by the stock exchange.

After reports that the company had not paid wages and benefits to more than 100 employees, CIMIC said the employees were under the care of another company and it was working to ensure that they were compensated. Shares closed 13.4% lower after trade resumed.

New Zealand's benchmark S&P/NZX 50 index finished 0.38% higher at 12,766.45. (Reporting by Harshita Swaminathan; Editing by Subhranshu Sahu)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
3I GROUP PLC 1.51% 1240.5 Delayed Quote.-15.70%
CIMIC GROUP 0.00% 22 Delayed Quote.30.18%
LONDON BRENT OIL 0.19% 112.68 Delayed Quote.44.68%
MAGELLAN FINANCIAL GROUP LIMITED 2.98% 15.21 Delayed Quote.-30.46%
NATIONAL AUSTRALIA BANK LIMITED -0.93% 30.78 Delayed Quote.7.73%
RIO TINTO PLC 2.13% 5565 Delayed Quote.11.39%
S&P/ASX 200 0.05% 7148.9 Real-time Quote.-4.02%
SANTOS LIMITED 1.24% 8.18 Delayed Quote.28.05%
ST. JAMES'S PLACE PLC 0.57% 1242 Delayed Quote.-26.64%
WASHINGTON H. SOUL PATTINSON AND COMPANY LIMITED 0.38% 26.15 Delayed Quote.-12.02%
WTI 0.14% 110.195 Delayed Quote.44.84%
All news about MAGELLAN FINANCIAL GROUP LIMITED
05/19UBS Adjusts Magellan Financial's Price Target to AU$13.50 From AU$13, Keeps at Sell
MT
05/10Magellan Financial Group Appoints CEO and Managing Director
MT
05/10Magellan Financial Group Limited Appoints Mr. David George as Managing Director
CI
05/10Magellan Financial Group Limited Appoints David George as Chief Executive Officer
CI
05/09Barrenjoey Capital Partners entered into an agreement to acquire 11.6% of Guzman y Gome..
CI
05/04Magellan Financial Group's Funds Under Management Fall in April
MT
05/01MAGELLAN FINANCIAL : Application for quotation of securities - MFG
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04/15MAGELLAN FINANCIAL GROUP LIMITED(ASX : MFGO) dropped from FTSE All-World Index
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04/13MAGELLAN FINANCIAL : Notification regarding unquoted securities - MFG
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04/13MAGELLAN FINANCIAL : Application for quotation of securities - MFG
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Analyst Recommendations on MAGELLAN FINANCIAL GROUP LIMITED
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Financials
Sales 2022 651 M 458 M 458 M
Net income 2022 402 M 283 M 283 M
Net cash 2022 262 M 184 M 184 M
P/E ratio 2022 6,71x
Yield 2022 12,9%
Capitalization 2 825 M 1 985 M 1 985 M
EV / Sales 2022 3,93x
EV / Sales 2023 5,46x
Nbr of Employees 139
Free-Float 67,8%
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Mean consensus UNDERPERFORM
Number of Analysts 10
Last Close Price 14,77 AUD
Average target price 15,42 AUD
Spread / Average Target 4,39%
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Managers and Directors
Kirsten Elizabeth Morton Chief Executive & Financial Officer
Hamish Roy McLennan Independent Non-Executive Chairman
Kris Webster Co-Head-Technology, Communications & Media
Vihari Ross Head-Research
Ryan Joyce Co-Head-Technology, Communications & Media
Sector and Competitors