ASX 200 midday update: Magellan rebounds, Crown’s takeover boost

The ASX 200 has dropped deep into the red today…

| More on:
A man is deep in thought while looking at graph and rising and falling percentages.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

At lunch on Thursday, the S&P/ASX 200 Index (ASX: XJO) has sunk deep into the red. The benchmark index is down 1.1% to 7,040.3 points.

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

Hamish Douglass returns to Magellan

The Magellan Financial Group Ltd (ASX: MFG) share price has avoided the market selloff. This fund manager’s beaten down shares are rebounding today after the company announced the return of co-founder Hamish Douglass in a new consultancy role. From October, Mr Douglass will provide investment insights, including geopolitical and macroeconomic views.

Crown takeover getting closer

The Crown Resorts Ltd (ASX: CWN) share price is also pushing higher on Thursday. This has been driven by news that Blackstone’s takeover bid has received approval from the Victorian Gambling and Casino Control Commission and New South Wales Independent Gaming and Liquor Authority. This brings the $8.9 billion takeover a huge step closer to completion.

Energy shares storm higher

One sector is shining on Thursday and that is the energy sector. Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) shares are helping drive the S&P/ASX 200 Energy index 0.8% higher today. This follows another rise in oil prices overnight, which took them to 13-week highs. This was driven by rising US gasoline demand.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Thursday has been the Magellan share price with a 2.5% gain following the aforementioned return of Hamish Douglass. Going the other way, the worst performer has been the Clinuvel Pharmaceuticals Limited (ASX: CUV) share price with a 7% decline on no news. The biopharmaceutical company’s shares are now down over 50% this year.

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 no position in any of the stocks mentioned. 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.

More on Share Market News

A group of happy office workers throw papers in the air and cheer after seeing the Latrobe Magnesium price skyrocket 38%
Share Market News

Here are the top 10 ASX 200 shares today

These ASX 200 shares outperformed all others on Thursday.

Read more »

Three male athletes sprint on an athletics track with the sun low on the horizon behind them representing the race between ASX lithium shares to outperform
Share Market News

Here are the 3 most heavily traded ASX 200 shares on Thursday

Our most traded ASX 200 share today is down by more than 5%.

Read more »

Bear market
Share Market News

Here’s why one big bad bear is suggesting the stock market could crash by 50%

One strategist thinks markets haven't bottomed.

Read more »

Investor sitting in front of multiple screens watching share prices
Share Market News

5 things to watch on the ASX 200 on Thursday

Here's what to expect on the ASX 200 on Thursday...

Read more »

A trendy woman wearing sunglasses is making it rain, spraying cash on that bargain.
Share Market News

Here are the top 10 ASX 200 shares today

It was a great day on the market for these ASX 200 shares.

Read more »

An office worker and his desk covered in yellow post-it notes
Share Market News

Here are the 3 most heavily traded ASX 200 shares on Wednesday

Guess which ASX 200 sector is dominating the market's volume charts today.

Read more »

Business woman watching stocks and trends while thinking
Share Market News

5 things to watch on the ASX 200 on Wednesday

It will be another busy day on the ASX 200 on Wednesday...

Read more »

Two couples having fun racing electric dodgem cars around a track
Share Market News

Here are the top 10 ASX 200 shares today

These 10 ASX 200 shares outperformed all others on Tuesday.

Read more »