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ASX 200 down 0.5%: Harvey Norman (ASX:HVN) update, Magellan (ASX:MFG) makes Barrenjoey investment

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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.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. 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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