At lunch on Monday, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a strong gain. The benchmark index is currently up 1.1% to 7,142.8 points.
Here's what is happening on the ASX 200 today:
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Elders shares jump
The Elders Ltd (ASX: ELD) share price is shooting higher today after the release of a trading update. The agribusiness company revealed that trading conditions have been strong during the first half. As a result, it is expecting its underlying earnings before interest and tax (EBIT) to increase by 20% to 30% in FY 2022.
Magellan funds under management fall again
The Magellan Financial Group Ltd (ASX: MFG) share price is under pressure again on Monday. The fund manager's shares dropped to a multi-year low after it revealed a 10.5% reduction in its funds under management since 25 February. At the close of US trading on Friday 11 March, Magellan had funds under management of approximately $69.1 billion. This compares to $77.2 billion late last month. Its poor performing global fund weighed heavily on its funds under management again.
CSL higher on plasma collection optimism
The CSL Limited (ASX: CSL) share price is rising today. This appears to have been driven by optimism that plasma collections are improving. A note out of Citi highlights that industry data is pointing to a recovery in collections. So much so, it is forecasting 2022 collections to be above pre-pandemic levels. The broker expects this and the completion of its acquisition of Vifor Pharma to support its shares in the coming months. Its analysts have a buy rating and $335.00 price target on its shares.
Best and worst ASX 200 performers
The best performer on the ASX 200 on Monday has been the Elders share price with an 11% gain. This follows the release of its impressive trading update this morning. The worst performer has been the Zip Co Ltd (ASX: Z1P) share price with a 3% decline. Zip's shares are now down 65% in 2022.
