At lunch on Wednesday, the S&P/ASX 200 Index (ASX: XJO) is back on form and charging higher. The benchmark index is currently up 1.1% to 7,175.9 points.
Here's what is happening on the ASX 200 today:
Magellan announces share buyback
The Magellan Financial Group Ltd (ASX: MFG) share price is charging higher today. Investors have been buying the fund manager's shares after it announced plans to buy back up to 10 million shares on-market. This represents approximately 5.4% of its shares on issue. And while today's gains are positive, Magellan's shares are still down 67% over the last 12 months.
Suncorp floods update
The Suncorp Group Ltd (ASX: SUN) share price is underperforming on Wednesday following the release of an update on flood claims. Suncorp reported that as of Monday it had received more than 34,000 claims related to flood damage. In light of this, the company has increased its estimate of natural hazard costs for the full year by $25 million to $1.1 billion.
Travel shares take off
The travel sector is having a very positive day. A number of travel shares such as Flight Centre Travel Group Ltd (ASX: FLT) and Qantas Airways Limited (ASX: QAN) are among the best performers on the ASX 200 today. This follows another sharp pullback in oil prices during overnight trade. This bodes well for fuel costs for airlines and consumer sentiment and spending for travel bookers. The reopening of NZ borders earlier than expected has also been a boost.
Best and worst ASX 200 performers
The best performer on the ASX 200 on Wednesday has been the Magellan share price with a 5.5% gain. This follows the announcement of an on-market share buyback. Going the other way, the worst performer has been the Clinuvel Pharmaceuticals Limited (ASX: CUV) share price with a 1.5% decline. This may be due to profit taking after a strong gain on Tuesday.
