ASX 200 midday update: Magellan names its new CEO, Link shares crash

It has been an eventful day for the ASX 200…

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At lunch on Wednesday, the S&P/ASX 200 Index (ASX: XJO) is on track to record its fourth consecutive daily decline. The benchmark index is currently down 0.2% to 7,036.2 points.

Here’s what is happening on the ASX 200 today:

Magellan names its new CEO

The Magellan Financial Group Ltd (ASX: MFG) share price is pushing higher today. Investors have been buying the fund manager’s shares after it named its new CEO. Magellan has appointed David George to the role, effective 8 August, following a global search. Mr George was most recently a Deputy Chief Investment Officer at the Future Fund.

Link shares crushed

The Link Administration Holdings Ltd (ASX: LNK) share price is crashing on Wednesday. Investors have been selling down the soon-to-be-taken over administration services company’s shares after the release of its scheme booklet. That booklet confirms that its suitor, Dye & Durham, is taking out a $3.5 billion loan to fund the deal. This is more than three times its own market capitalisation. This appears to have spooked investors and cast doubt on the deal closing.

GrainCorp reports record half-year profits

The GrainCorp Ltd (ASX: GNC) share price is falling on Wednesday despite the grain exporter reporting record-breaking half-year profits. GrainCorp reported a 49.9% increase in revenue to $3,842.1 million and a 200% jump in EBITDA to $427 million. The latter was driven by strong growth across both the Agribusiness and Processing segments. It appears as though some investors were hoping management would upgrade its full-year guidance for a third time in as many months. However, it has only reaffirmed its most recent guidance.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Wednesday has been the Lifestyle Communities Limited (ASX: LIC) share price with a 10% gain. This follows some insider buying and a bullish broker note out of Goldman Sachs. The worst performer has been the Link share price with a 13% decline amid takeover doubts.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Link Administration Holdings Ltd. The Motley Fool Australia has no position in any of the stocks mentioned. 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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