At lunch on Monday the S&P/ASX 200 Index (ASX: XJO) is on course to follow the lead of U.S. markets and start the week with a decline. The benchmark index is currently down 0.5% to 5,835.3 points.
Here's what is happening on the market today:
IAG names its new CEO
The Insurance Australia Group Ltd (ASX: IAG) share price is on the rise today after naming its next CEO. The insurance giant has appointed Nick Hawkins as its new Managing Director and Chief Executive Officer following a comprehensive internal and external search. He will replace Peter Harmer when he retires from the role on 1 November. Mr Hawkins has served as deputy CEO since April and was the company's CFO for 12 years prior to that.
Harvey Norman trading update.
The Harvey Norman Holdings Limited (ASX: HVN) share price is pushing higher on Monday after the release of a trading update. That update revealed strong sales and profit growth so far in FY 2021. Harvey Norman's comparable aggregated sales to 17 September were up 30.3% compared to the prior corresponding period. Pleasingly, the company's profit growth was even stronger. Harvey Norman's unaudited profit before tax was up 185.8% to $178.1 million during the first two months of FY 2021.
Magellan makes Barrenjoey investment.
The Magellan Financial Group Ltd (ASX: MFG) share price is trading lower after revealing an investment in Barrenjoey Capital Partners. Barrenjoey is a newly established Australian-based full-service financial services company led by a host of experienced executives. Magellan has acquired a 40% economic ownership interest in exchange for approximately 1.2 million Magellan shares and $90 million of cash.
Best and worst ASX 200 performers.
The Whitehaven Coal Ltd (ASX: WHC) share price is the best performer on the ASX 200 at lunch with a 6% gain. This morning UBS retained its buy rating and lofty $2.00 price target on its shares. Whitehaven's shares are fetching 93.8 cents currently. The worst performer has been the Unibail-Rodamco-Westfield (ASX: URW) share price with a 7% decline. Concerns over potential lockdowns in Europe may be weighing on the shopping centre operator's shares.
