At lunch on Friday, the S&P/ASX 200 Index (ASX: XJO) has followed the lead of US markets and is sinking. The benchmark index is currently down 1.1% to 7,207.9 points.
Here's what is happening on the ASX 200 today:
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IAG shares rise following half year results
The Insurance Australia Group Ltd (ASX: IAG) share price is pushing higher today following the release of its half year results. The insurance giant delivered a cash profit well short of consensus estimates at $176 million. However, the market appears willing to overlook this due to management upgrading its FY 2022 gross written premium guidance from low to mid single-digit growth.
Magellan shares sink after FUM update
The Magellan Financial Group Ltd (ASX: MFG) share price is tumbling again on Friday. This follows the release of an out of cycle funds under management (FUM) update. That update reveals that Magellan's FUM has fallen 6.85% since the end of January to $87.1 billion. And with several ratings agencies putting its funds under review or downgrading them, there's a real chance that its FUM could continue to fall as the month rolls on.
Zip shares tumble
The Zip Co Ltd (ASX: Z1P) share price is tumbling lower today in response to a heavy decline from a rival on Wall Street. The Affirm share price crashed 21.5% during the overnight session and then a further 7% in after-hours trade. Investors were selling down the BNPL provider's shares after its quarterly update disappointed.
Best and worst ASX 200 performers
The Unibail-Rodamco-Westfield (ASX: URW) share price is the best performer on the ASX 200 today with a 7% gain. This follows news that it is selling a 45% stake in Westfield Carré Sénart and creating a joint venture with Societe Generale Assurances and BNP Paribas Cardif. The worst performer has been the Appen Ltd (ASX: APX) share price with a 7.5% decline. This follows broad weakness in the tech sector and ongoing concerns over demand for its services.
