The market was closed on Monday as Australians celebrated Easter.

The S&P/ASX 200 Index (ASX: XJO) ripped 4.41% to 8,960.6 points over the four trading days.

The remarkable recovery followed news of a two-week ceasefire deal between the US and Iran.

ASX investors hope this will pave the way toward an end to the war in Iran.

Investors continued to buy the dip last week following the steep sell-off over the first three weeks of March.

ASX 200 shares fell 9.1% between 2 March and 23 March before a rebound began, with the index now up 7.1% since then.

James Gerrish from Shaw and Partners says "war fear" in the market is fading but "we're not out of the woods yet".

Businesses across multiple sectors are still assessing the impact of the oil shock, which is likely to reverberate for months to come.

Let's recap the week.

Financial shares led the ASX sectors last week

The ASX 200 financial sector incorporates bank shares, insurers, fund managers, financial services providers, and more.

Let's take a look at how some of these ASX financial stocks performed last week.

The Commonwealth Bank of Australia (ASX: CBA) share price rose 5.98% to close at $183.38 on Friday.

ANZ Group Holdings Ltd (ASX: ANZ) shares lifted 6.31% to $38.84.

Westpac Banking Corp (ASX: WBC) shares ascended 6.87% to $42.77.

The National Australia Bank Ltd (ASX: NAB) share price spiked 9.06% to $45.36.

The Macquarie Group Ltd (ASX: MQG) share price soared 9.3% to finish the week at $225.

Among the ASX 200 investment companies and fund managers, GQG Partners Inc (ASX: GQG) shares fell 0.28% to $1.78.

Magellan Financial Group Ltd (ASX: MFG) shares fell 0.84% to $9.45 amid a shareholder vote on the Barrenjoey merger on Friday.

Magellan announced it had received more than 90% approval from shareholders.

Washington H. Soul Pattinson and Co Ltd (ASX: SOL) shares lifted 3.92% to $42.98.

Among the financial services providers, AMP Ltd (ASX: AMP) shares lifted 6.06% to $1.37.

The Challenger Ltd (ASX: CGF) share price lost 2.6% to close at $8.07 on Friday.

ASX 200 buy now, pay later share Zip Co Ltd (ASX: ZIP) ripped 16.5% to $1.85.

Among the insurers, Insurance Australia Group Ltd (ASX: IAG) shares fell 1.03% to $7.21.

Medibank Private Ltd (ASX: MPL) shares lifted 1.92% to $4.52.

The QBE Insurance Group Ltd (ASX: QBE) share price ascended 4.13% to $22.46.

ASX 200 market sector snapshot

Here's how the 11 market sectors stacked up last week, according to CommSec data.

Over the four trading days:

Looking for inspiration after the March sell-off?

Check out these 7 ASX 200 shares just upgraded to strong buy consensus ratings after last month's turmoil.

The post ASX 200 shares rip with financials leading a remarkable recovery last week appeared first on The Motley Fool Australia.

Magellan held an extraordinary meeting this morning for shareholders to vote on the proposed merger with Barrenjoey Capital Partners.

Ahead of the meeting, Magellan revealed that 91% of proxy votes received had approved the merger.

Magellan has about 185.7 million shares on issue, and received 101.9 million proxy votes in favour of the deal.

The Magellan board unanimously recommends the merger.

Magellan is yet to announce the formal outcome from today's meeting, but the result appears effectively a fait accompli.

The deal values Barrenjoey, an investment bank that launched only six years ago, at $1.616 billion on a 100% basis.

A new era for Magellan

Magellan was an early backer of Barrenjoey, which was founded by former UBS bankers Matthew Grounds and Guy Fowler OAM in 2020.

Barrenjoey's current and founding CEO, Brian Benari, was previously the CEO of Challenger Ltd (ASX: CGF).

Magellan conducted a $130 million institutional capital raise and a $20 million share purchase plan (SPP) at $8.45 per share to help fund the deal.

The Lowy family, founder of the Westfield empire, participated in the institutional raise, investing just over $79 million for 5.1% stake.

The SPP was vastly oversubscribed but had a participation rate of only 17% of shareholders.

Magellan said it received $129.4 million worth of valid SPP applications from 5,195 shareholders.

Magellan employed a savage scale-back that disappointed many investors, and the new shares began trading last Thursday.

Long-suffering retail investors are no doubt hoping that the merger will represent a turnaround for Magellan after five hard years.

Magellan share price slump

The Magellan share price has fallen 78% over five years.

The investment manager began its downhill slide in 2021.

That year, Magellan lost a major client worth 12% of its annual revenue, and chief stock picker and co-founder, Hamish Douglass, resigned.

Funds under management have declined from $113 billion in July 2021, when Magellan shares were worth about $50, to $38 billion today.

At the EGM, Magellan chair Andrew Formica said:

MFG has been on a deliberate and considered journey over recent years.

While we remain firmly committed to our core investment management business, we have also been focused on evolving MFG into a more diversified financial services group.

This strategy has been guided by a clear objective: to build a business that is more resilient, less dependent on any single revenue stream, and better positioned to generate sustainable returns through market cycles.

Our partnership with Barrenjoey has been central to this evolution.

Barrenjoey reported $522 million in revenue and an adjusted NPATA of $108 million for CY25.

Magellan released a presentation before the meeting this morning.

The post Why is the Magellan share price rising today? appeared first on The Motley Fool Australia.

Heading into the Friday lunch hour, two of the S&P/ASX 200 Index (ASX: XJO) stocks are outperforming the 0.4% losses posted by the benchmark index at this time, while one is trailing those losses.

So, which blue-chip stocks are catching ASX investor interest today?

Read on!

Fortescue shares dip on green energy news

Turning to Fortescue shares first, shares in the ASX 200 iron ore giant are down 2.1% at the time of writing, trading for $20.11 each.

This morning, the miner reported on a major milestone in its journey to eliminate diesel from large-scale industry.

The company said it is accelerating the delivery of the world's first industrial, fully integrated green energy grid at a scale "comparable to a city".

Fortescue noted that diesel fuel is 100% imported and "subject to extreme price volatility, unreliability and hardship". The company said the industry's diesel use results in billions of dollars in taxpayer-funded subsidies.

The ASX 200 miner expects to save US$100 million in fossil fuel costs by next year. Once its decarbonisation program is fully complete, the company expects C1 unit costs to come down by at least another US$2 to US$4 per wet metric tonne.

Fortescue shares are up 33.4% in 12 months, not including dividends.

Which brings us to…

Telix shares leap on US FDA acceptance

Telix shares are once more leaping onto investors' radars today.

Shares in the ASX 200 diagnostic and therapeutic product developer are up 7.3% at the time of writing, swapping hands for $14.63 apiece.

Investors have been bidding up Telix shares after the company announced that the United States Food and Drug Administration has accepted its resubmitted New Drug Application (NDA) for TLX101-Px1, the company's glioma (brain cancer) imaging agent.

"The FDA's acceptance of our NDA resubmission is an important milestone for Telix," Kevin Richardson, CEO Telix Precision Medicine, said.

"We appreciate the FDA's constructive engagement and look forward to working closely with the Agency to urgently obtain approval and then bring this product to market for the benefit of patients," Richardson added.

Telix shares are down 44.9% over 12 months.

Magellan shares gain on $1.6 billion merger update

Like Telix and Fortescue shares, Magellan is making headline news today following a major announcement.

Magellan shares are up 1.3% at $9.46 apiece after the ASX 200 funds manager updated the market on its proposed full merger with Barrenjoey Capital Partners.

Magellan said it will acquire all of the remaining shares in Barrenjoey in a merger that values Barrenjoey at $1.62 billion.

Magellan shares are up 30.4% in 12 months, not including dividends.

The post Why Magellan, Telix and Fortescue shares are grabbing headlines on Friday appeared first on The Motley Fool Australia.

What did Magellan Financial Group report?

• Magellan will acquire the remaining shares in Barrenjoey Capital Partners, increasing its ownership to 100%
• The merger values Barrenjoey at $1.616 billion on a 100% basis
• Barrenjoey delivered $108 million in NPATA (Net Profit After Tax and Amortisation) over the last twelve months to December 2025
• Last twelve months' revenue for the combined group amounted to $313 million, with Magellan managing $37.5 billion in assets as at 31 March 2026
• Shareholders strongly supported the share issuance, with 91.2% voting in favour

What else do investors need to know?

The merger will unify the businesses, broadening Magellan's service offering in advisory, capital markets, equities, research, and private capital. Magellan lifted its economic interest in Barrenjoey to 46.4% after purchasing an extra ~10% from Barclays in March 2026, funded via an institutional placement and oversubscribed Share Purchase Plan (SPP).

The Share Purchase Plan saw significant demand, with scale-backs applied to ensure a fair allocation for all eligible investors. The combined group is aiming for a stronger, diversified platform with global reach and a sharpened focus on client outcomes.

What's next for Magellan Financial Group?

Completion of the merger is subject to several conditions, including regulatory and shareholder approvals, but is progressing with strong support. Management expects the merged group will have enhanced career opportunities, increased scale, and improved balance sheet resilience to navigate market cycles.

Looking ahead, Magellan plans to accelerate growth across public and private markets while leveraging both companies' expertise and client relationships. The board sees the merger as a compelling case for long-term value creation.

Magellan Financial Group share price snapshot

Over the past 12 months, Magellan Financial Group shares have risen 28%, outperforming the S&P/ASX 200 Index (ASX: XJO) which has risen 16% over the same period.

View Original Announcement

The post Magellan Financial Group shares in focus following Barrenjoey merger approval appeared first on The Motley Fool Australia.

But not all of them are necessarily buys today. So, let's see what analysts are saying about three popular ASX shares this week.

Here's what you need to know:

CSL Ltd (ASX: CSL)

Despite CSL shares falling materially from their highs, the team at Bell Potter is not in a rush to invest. The broker has retained its hold rating on the biotech giant with a reduced price target of $155.00.

Bell Potter highlights that its shares are trading in line with peers, but estimates that its growth outlook is weaker than average. It said:

The current share price reflects a materially de-rated PE multiple of ~15x our FY27 NPAT forecast, bringing CSL in line with the global biopharma peer set which also trades at an avg PE of 15x. While CSL doesn't face the same extent of generic/biosimilar competition as these biopharma peers, it does have a lower growth outlook of ~2.5% revenue CAGR (3yr) per our forecast compared to >4% avg for global peers.

Considering the low-growth outlook in the near-term, risk to FY26 guidance, and our below-consensus FY27 forecasts, we maintain our HOLD recommendation notwithstanding the historically low trading multiple. We don't think CSL is out of the woods just yet. PT is lowered to $155.

Magellan Financial Group Ltd (ASX: MFG)

Over at Morgans, its analysts are positive on this fund manager ahead of its proposed merger with Barrenjoey.

This week, the broker has retained its buy rating on Magellan's shares with a trimmed price target of $11.99. It said:

MFG has given an end-to-March 2026 quarterly FUM update. FUM (A$37.5bn) was down 6% for the quarter due to a combination of outflows across most funds and market movements. Overall this was a softer quarter at the headline level, albeit some impacts from market volatility are unsurprising. We downgrade our MFG FY26F/FY27F EPS by -1%/-8% due to slightly weaker FUM assumptions and also applying more conservatism to our future Barrenjoey earnings forecasts. Our PT falls to A$11.99 (from A$12.43).

Whilst MFG's Investment Management performance remains patchy, we think the Barrenjoey merger fundamentally changes MFG's overall outlook, strengthening the business and providing additional pathways for growth. MFG also retains a strong balance sheet (~A$650m of liquidity, post deal). BUY maintained.

Woodside Energy Group Ltd (ASX: WDS)

Lastly, Morgans thinks that this energy giant's shares are a hold (with a $33.40) price target.

It believes its shares are fairly valued following a strong gain in response to the war in the Middle East. It said:

We downgrade our rating on WDS to HOLD (from ACCUMULATE). Owning WDS has been powerful insurance (as a hedge against supply disruption) but now trading above A$35/share and above our NAV, it has crossed over into an active wager that the crisis is more permanent than we estimate, which sadly is possible, but should this be our base case steering our strategy? No. We remove our 10% conflict premium and apply our upgraded oil/LNG deck, for a small net change in our target price, now at A$33.40 (was A$33.55).

The post Buy, hold, sell: CSL, Magellan, and Woodside shares appeared first on The Motley Fool Australia.

The company is an Australian-based funds manager investing in global equities and global listed infrastructure.

The Funds Management segment provides investment research, administrative services, investment management, and sub-advisory services.

As The Motley Fool's Laura Stewart reported yesterday, the company reported that total assets under management (AUM) dropped to $37.5 billion as at 31 March 2026, down from $39.9 billion at the end of 2025.

The company announced that retail AUM declined from $15.8 billion to $14.1 billion and institutional AUM slipped to $23.4 billion, down from $24.1 billion. 

It seems investors are disappointed with this news, as the stock price has opened 4% lower this morning. 

Despite this drop, the share price remains up 33% over the last year. 

For context, the S&P/ASX 200 Index (ASX: XJO) is up 22% in that same span. 

Following yesterday's announcement, the team at Morgans provided updated guidance on Magellan Financial Group shares. 

Buy maintained despite announcement 

Morgans has retained its buy recommendation on Magellan Financial Group shares despite the AUM drop. 

MFG has given an end-to-March 2026 quarterly FUM update. FUM (A$37.5bn) was down 6% for the quarter due to a combination of outflows across most funds and market movements. 

Overall this was a softer quarter at the headline level, albeit some impacts from market volatility are unsurprising.

As a result, it has downgraded its earnings per share forecast by 1% to 8% over FY26/FY27. 

Price target reduction for Magellan Financial Group

As a result of this downgrade, Morgans has reduced its price target to $11.99 (from $12.43). 

Whilst MFG's Investment Management performance remains patchy, we think the Barrenjoey merger fundamentally changes MFG's overall outlook, strengthening the business and providing additional pathways for growth. MFG also retains a strong balance sheet (~A$650m of liquidity, post deal).

From today's current stock price of approximately $9.60, this updated price target indicates a potential upside of 25%. 

The post What is this broker's view on Magellan Financial Group after yesterday's disappointing results appeared first on The Motley Fool Australia.

What did Magellan Financial Group report?

• Total AUM fell to $37.5 billion, down $2.4 billion for the March quarter
• Retail AUM declined from $15.8 billion to $14.1 billion
• Institutional AUM slipped to $23.4 billion, down from $24.1 billion
• Net outflows totalled $1.0 billion for the quarter
• Negative market movements and other factors further reduced AUM by $1.4 billion

What else do investors need to know?

The drop in AUM across both retail and institutional segments reflects ongoing industry headwinds and softer investor sentiment. Magellan's Magellan Global Equities and Airlie Australian Equities funds both saw asset reductions this quarter, while Magellan Global Listed Infrastructure held up slightly better.

There was some offset from Vinva Global and Australian Equities, which actually recorded positive net flows within the retail category. However, these gains weren't enough to counter the wider outflows and negative market performance.

What's next for Magellan Financial Group?

Magellan will be focusing on stabilising and rebuilding confidence in its investment strategies, especially within its core equities funds. The business may look to enhance client engagement and refine its product line-up to better suit changing investor needs.

While restoring growth in AUM will likely remain a key challenge, Magellan's leadership appears committed to navigating the current market volatility and exploring opportunities to strengthen its competitive position.

Magellan Financial Group share price snapshot

Over the past 12 months, Magellan Financial Group shares have risen 38%, outperforming the S&P/ASX 200 Index (ASX: XJO) which has risen 16% over the same period.

View Original Announcement

The post Magellan Financial Group posts March 2026 AUM drop appeared first on The Motley Fool Australia.

In afternoon trade, the Magellan share price is up 2.57% to $9.795, adding to the gains the stock has made since announcing its Barrenjoey deal earlier this month.

The buying follows a new ASX update from the fund manager, with the market reacting positively to another sign that shareholders are getting behind management's plans.

It also suggests investors remain comfortable with how the business is positioning itself ahead of the proposed merger.

Retail investors heavily back the capital raising

The detail behind today's move is Magellan's share purchase plan, which drew far more demand than the company was looking for.

According to the release, the fund manager received $129.4 million in valid applications from 5,195 eligible shareholders, equal to a 17% participation rate.

That was well above the $20 million target, which meant larger applications had to be scaled back under the terms of the offer.

Applications up to $997.10, or 118 shares, were not scaled back, while larger bids were reduced on a pro-rata basis.

In total, Magellan will issue roughly 2.37 million new shares at $8.45 each, the same price used in the institutional placement completed earlier this month.

Management said the result showed strong support from retail investors, with the new capital to be used in line with the strategy previously outlined to shareholders.

The new shares are due to be issued on 1 April, start trading on the ASX on 2 April, and will rank equally with existing shares.

Why investors are paying attention

The capital raising is part of the funding package linked to Magellan's proposed merger with Barrenjoey.

The deal would bring together Magellan's established funds management business with Barrenjoey's growing investment banking and institutional operations.

Management has said the combination is aimed at building a broader financial services group with more earnings sources, stronger client relationships, and balance sheet flexibility.

Today's strong response to the share purchase plan suggests existing investors are willing to support that direction.

The pricing also helps explain the demand. With the new shares issued at $8.45, successful applicants are getting stock at a sizeable discount to the current $9.795 share price.

What to watch next

The next key step is the shareholder vote on the proposed Barrenjoey transaction at Magellan's scheduled April meeting.

Investors are also likely to focus on how the company puts the newly raised funds to work alongside the $130 million institutional placement.

The shareholder vote should determine whether the company can move ahead with the next stage of its merger plans.

The post Why Magellan shares are rising again after its $20 million raise was swamped appeared first on The Motley Fool Australia.

Four ASX shares that are rising more than most today are listed below. Here's why they are climbing:

Challenger Ltd (ASX: CGF)

The Challenger share price is up 3.5% to $8.41. This morning, the annuities company welcomed APRA's announcement on the final changes to capital standard settings for providers of longevity products. It believes these are "an important step in developing Australia's retirement income market and will support greater take up of lifetime income products as an increasing number of Australians retire every year." Challenger is working through the details of the changes and plans to provide an update at its investor day event in May.

Magellan Financial Group Ltd (ASX: MFG)

The Magellan share price is up over 2% to $9.76. This morning, the fund manager announced that it raised $20 million from its share purchase plan (SPP). The company advised that the SPP was significantly oversubscribed. It received valid applications totalling $129.4 million from 5,195 eligible shareholders. Approximately 2,366,548 new Magellan shares will be issued at $8.45 per share. The new shares will hit the ASX boards on 2 April.

Northern Star Resources Ltd (ASX: NST)

The Northern Star share price is up 4.5% to $20.39. This appears to have been driven by a broker note out of UBS. This morning, the broker upgraded Northern Star's shares to a buy rating (from sell) with a trimmed price target of $24.70 (from $28.00). UBS made the move on valuation grounds following a significant share price decline since the release of a disappointing operational update. While the broker feels that near-term market estimates are still optimistic, it sees value in Northern Star's shares at current levels.

West African Resources Ltd (ASX: WAF)

The West African Resources share price is up 4% to $3.18. This morning, the gold miner released its FY 2026 guidance. It is targeting up to 490,000 ounces at an all-in sustaining cost (AISC) under US$1,900 per ounce. It also laid out its plans for the next 10 years, which will see it aim to average production of 533,000 ounces per annum. West African's executive chair and CEO, Richard Hyde, commented: "WAF's updated 10-year production outlook forecasts the production of 5.3 million ounces of gold over the next decade, with production peaking in 2030 at 596,000 ounces. Our unhedged Mineral Resources now stand at 13.6 million ounces of gold, while Ore Reserves total 7.0 million ounces."

The post Why Challenger, Magellan, Northern Star, and West African Resources shares are storming higher appeared first on The Motley Fool Australia.

What did Magellan Financial Group report?

• Raised the full $20 million target in its March 2026 Share Purchase Plan (SPP).
• Received valid applications totalling $129.4 million from 5,195 eligible shareholders.
• Participation rate of 17% in the SPP.
• Approximately 2,366,548 new shares to be issued at $8.45 per share.
• Scale-back applied to larger applications in line with SPP terms.
• New shares set to begin ASX trading on 2 April 2026.

What else do investors need to know?

The high demand for Magellan Financial Group's SPP far exceeded the targeted amount, resulting in a scale-back of larger applications. Eligible shareholders applying for up to $997.10 worth of shares weren't scaled back, while those seeking more faced a pro-rata allocation.

Refunds for surplus application amounts are expected to be processed by 1 April 2026. The new shares will rank equally with existing Magellan shares, and holding statements will be dispatched on or around 8 April 2026.

What's next for Magellan Financial Group?

With the SPP completed and fresh capital raised, Magellan plans to put the proceed to work according to the strategy outlined in prior March 2026 announcements. The company remains focused on strengthening its investment management and specialist financial services pillars, which could further support its long-term growth ambitions.

Investors will be watching how these funds are deployed and any updates on potential investments or new partnerships as the company looks to deliver more value in the evolving financial services landscape.

Magellan Financial Group share price snapshot

Over the past 12 months, Magellan Financial Group shares have risen 25%, outperforming the S&P/ASX 200 Index (ASX: XJO) which has risen 8% over the same period.

View Original Announcement

The post Magellan Financial Group shares in focus after $20m share plan hits target appeared first on The Motley Fool Australia.

To narrow things down, let's now take a look at three ASX shares that Morgans has recently given its verdict on.

Is it recommending them as buys, holds, or sells? Let's find out:

Endeavour Group Ltd (ASX: EDV)

BWS and Dan Murphy's owner Endeavour Group delivered a first-half result that was in line with expectations last month.

However, given that the company is still working its way through its refreshed strategy, it isn't ready to recommend Endeavour shares as a buy. It has put a hold rating and $3.65 price target on them. It said:

There were no major surprises in EDV's 1H26 result following the company's trading update in January. While EDV continues to work on its refreshed strategy with further details to be provided at an investor day on 27 May, management confirmed that the combined Retail and Hotels portfolio will be retained.

Management also noted that they will continue investing in Dan Murphy's to restore its price leadership, while accelerating hotel renewals and electronic gaming machine (EGM) replacements. We decrease FY26-28F underlying EBIT by between 0-1%. Our target price falls to $3.65 (from $3.70) and we retain our HOLD rating.

Magellan Financial Group Ltd (ASX: MFG)

Morgans is positive on this fund manager's merger with Barrenjoey.

In response to the deal, which it believes makes strategic sense, the broker recently upgraded its shares to a buy rating with a significantly improved price target of $12.43.

Its analysts believe the merger could "reinvigorate" Magellan. It said:

MFG has entered into an arrangement to merge with Barrenjoey. We think the deal makes strategic sense and will reinvigorate the MFG story. Nevertheless, deal pricing appears tilted in Barrenjoey's favour (in our view). We assume the merger closes at the end of FY26. Changes to our MFG FY26F/FY27F/FY28F EPS are -27%/+10%/~+25% reflecting the incorporation of the deal and upgrades to our assessment of Barrenjoey's earnings profile (based on new disclosures).

Our price target is set at A$12.43 (previously A$9.80). We think the Barrenjoey merger fundamentally changes MFG's overall outlook, strengthening the business and providing additional pathways to growth. MFG also retains a strong balance sheet (~A$690m of liquidity, post deal). Move to a BUY.

Rio Tinto Ltd (ASX: RIO)

Finally, Morgans recently became a bit more positive on mining giant Rio Tinto and its shares.

However, it is not quite enough for a buy rating. The broker has put a hold rating and $147.00 price target on its shares. It said:

We upgrade RIO from TRIM to HOLD with a revised target price of A$147 (prior A$146). The recent share price pullback closes the valuation stretch, while a lift in our medium-term iron ore assumption from US$80/t to US$85/t provides a firmer earnings floor. RIO remains a top-tier diversified miner.

Not cheap enough for a BUY, but the pullback removes the overshoot that justified TRIM. [With an] Iron ore earnings platform, copper and aluminium leverage, and lithium optionality, RIO represents an attractive mix with good execution in the Pilbara and Oyu Tolgoi.

The post Buy, hold, sell: Endeavour, Magellan, and Rio Tinto shares appeared first on The Motley Fool Australia.

Magellan said the Share Purchase Plan (SPP) related to its merger with boutique investment bank Barrenjoey was "heavily oversubscribed" and it will issue new shares to the value of its original target of $20 million.

The SPP closed on Wednesday.

The SPP offered existing shareholders the opportunity to buy up to $30,000 worth of new Magellan shares at $8.45 apiece.

Earlier this month, Magellan completed a $130 million institutional capital raise to help fund the merger.

The Lowy family of the Westfield retail empire was among the participants, investing just over $79 million for a 5.1% stake.

Magellan management also offered a clarification today regarding the vesting of employee shares for Barrenjoey executives.

Under the terms of the Merger and pursuant to the Barrenjoey ESS plan rules, the Consideration Shares in respect of each employee will vest in seven equal instalments in six monthly intervals, commencing 8.5 years from the relevant employee's service commencement year and concluding after 11.5 years. Vesting is subject to continued employment.

As consideration for the merger, Magellan will issue 106,838,520 consideration shares to the shareholders of Barrenjoey upon completion.

Of those shares, 92,626,871 will go to Barrenjoey parties, and 14,211,649 will go to an affiliate of Barclays PLC.

All Barrenjoey parties will be subject to escrow or vesting arrangements, with staggered vesting and escrow release dates already set.

In an earlier statement, Magellan said:

These arrangements are designed to ensure continuity of leadership, and alignment with long-term shareholder outcomes with the Barrenjoey Parties to which the restrictions apply only permitted to sell their Consideration Shares after their respective dealing restriction period ends.

The weighted average dealing restricted period is approximately 5.5 years after announcement.

Magellan and Barclays provided seed capital for Barrenjoey when it launched in 2020.

Currently, Magellan owns a 36% stake and will pay $903 million via the issuance of new shares to buy the rest of the company.

Magellan said it would update the market again next Tuesday.

Magellan share price snapshot

The Magellan share price has jumped 12.8% since the investment manager announced the proposed merger earlier last month.

The Magellan share price is now up 22% over the past year, but down 76% over the past five years.

This week, Macquarie downgraded Magellan shares to a sell rating with a 12-month price target of $8.55.

Earlier this month, after the merger was announced, Morgans upgraded Magellan to a buy and lifted its target from $9.80 to $12.43.

The post Why is the Magellan share price down 6% today? appeared first on The Motley Fool Australia.

To narrow things down, let's see what analysts are saying about three popular shares, courtesy of The Bull. Here's what they are recommending:

Life360 Inc. (ASX: 360)

Despite recent share price weakness, the team at Baker Young only rates Life360 shares as a hold.

Commenting on the family safety technology company, the broker said:

Life360 is a leading family safety and location sharing platform operating across the US, UK and Australia. The company delivered better-than-expected full year results in 2025, highlighted by subscription revenue increasing 33 per cent. Hardware remains an important long term growth option, as it helps lock users into paid subscriptions.

We believe the magnitude of the recent share price decline has been excessive given the strength across most of Life360's core subscription business. Accordingly, we remain comfortable holding this high quality, fast growing and profitable company at current levels.

Magellan Financial Group Ltd (ASX: MFG)

Another ASX share that Baker Young has given its verdict on is fund manager Magellan.

It highlights that Magellan's shares have rallied strongly since announcing plans to merge with Barrenjoey.

The broker feels this has led to an excessive valuation and has named the company as a sell this week. It explains:

Shares in this funds management firm have rallied following news it will merge with boutique investment bank Barrenjoey Capital Partners. While we recognise the strategic rationale of diversifying away from the increasingly challenging funds management industry, and view Barrenjoey as an attractive and growing participant in Australian capital markets, we question the valuation implied by the transaction. The deal effectively values the business around 15 times underlying earnings.

Also, the transaction involves issuing MFG shares at $8.45 each to partially fund the acquisition, creating meaningful dilution for existing shareholders. Given the strong share price reaction to the announcement, we would consider taking advantage of the rally to exit positions.

QBE Insurance Group Ltd (ASX: QBE)

One ASX share that Baker Young is positive on is QBE Insurance. It has named the insurance giant as a buy this week.

The broker sees value in QBE's shares at current levels and highlights its attractive forecast dividend yield. It said:

QBE offers attractive value at this stage of the cycle. In February, the global insurer reported better-than-forecast earnings growth of 23 per cent in full year 2025, driven by a solid 7 per cent increase in policy sales and relatively low claims rates. With favourable operating conditions likely to persist into full year 2026, we see compelling financial sector value at around 11.5 times projected earnings and a dividend yield of 5 per cent.

Insurance is inherently risky and industry feedback suggests competition is increasing, which may limit further premium increases in coming years. However, QBE offers unparalleled geographical diversification among Australian insurers, which helps reduce earnings volatility. We're comfortable accumulating the stock at current levels as an attractively valued, well diversified financial exposure.

The post Buy, hold, sell: Life360, Magellan, and QBE shares appeared first on The Motley Fool Australia.

Three broker buy ratings that you might want to know more about are summarised below. Here's why brokers think these ASX shares are in the buy zone:

Catapult Sports Ltd (ASX: CAT)

According to a note out of Morgans, its analysts have retained their buy rating and $6.25 price target on this sports technology company's shares. Morgans has been busy updating its forecasts to incorporate the IMPECT and IsoLynx transactions. In addition, the broker is positive on the company due to its strong growth outlook. It has previously spoken about how it believes Catapult can grow its revenue by 20% per annum over the next three years to reach US$180 million by FY 2028. As a result, Morgans sees plenty of value on offer here and appears to see recent share price weakness as a buying opportunity. The Catapult share price ended the week at $3.37.

Magellan Financial Group Ltd (ASX: MFG)

Another note out of Morgans reveals that its analysts have upgraded this fund manager's shares to a buy rating with a $12.43 price target. The broker made the move after reviewing the company's plans to merge with Barrenjoey. Morgans thinks the deal makes strategic sense and believes it will reinvigorate the Magellan story. While the broker feels the deal pricing is tilted in Barrenjoey's favour, it still sees plenty to like here for Magellan shareholders. It notes that the merger fundamentally changes the company's overall outlook, strengthens the business, and provides additional pathways to growth. The Magellan share price was fetching $10.12 at Friday's close.

Zip Co Ltd (ASX: ZIP)

Analysts at Macquarie have retained their buy rating and $3.35 price target on this buy now pay later provider's shares. According to the note, the broker has been looking at Zip's business model and remains positive on its outlook. Macquarie thinks investors should look beyond Zip's moderating operating leverage and focus on its medium-term growth outlook. It is expecting Zip's U.S. net transaction margin to improve sequentially in both the March and June quarters. And while loan losses are rising relative to total transaction value, Macquarie highlights that this is because Zip is bringing on new users. Furthermore, management has the ability to quickly remove defaulters, boosting its loan loss metrics. The Zip share price was trading at $1.62 on Friday.

The post Top brokers name 3 ASX shares to buy next week appeared first on The Motley Fool Australia.

After suffering some nasty drops this week, investors couldn't quite summon up the fortitude to end the week higher today. Although the ASX 200 did spend some time in green territory this session, it ended up closing 0.14% lower.

That leaves the index at 8,617.1 points as we head into the weekend.

This uninspiring end to the Australian trading week follows a far nastier morning on the American markets.

The Dow Jones Industrial Average Index (DJX: .DJI) was a car crash-like scene, enduring a 1.56% drop.

Things were even worse for the tech-heavy Nasdaq Composite Index (NASDAQ: .IXIC), which lost 1.78% of its value.

But let's get back to the local markets now and see how the various ASX sectors ended their trading weeks.

The post Here are the top 10 ASX 200 shares today appeared first on The Motley Fool Australia.

Three broker buy ratings that you might want to know more about are summarised below. Here's why brokers think these ASX shares are in the buy zone right now:

Liontown Ltd (ASX: LTR)

According to a note out of Bell Potter, its analysts have retained their buy rating and $2.42 price target on this lithium miner's shares. This follows the release of a half-year result that was in line with expectations. However, the main talking point was the balance sheet reset thanks to the conversion of the LGES convertible note derivative. Bell Potter highlights that this means Liontown is now in a net cash position. And over FY 2026-27, it believes the company will continue to ramp up and de-risk Kathleen Valley. This is especially the case with current lithium price strength, which Bell Potter believes will allow Liontown to rapidly generate cash to support incremental production expansions and shareholder returns. The Liontown share price is trading at $1.69 this afternoon.

Magellan Financial Group Ltd (ASX: MFG)

A note out of Morgans reveals that its analysts have upgraded this fund manager's shares to a buy rating with a $12.43 price target. This follows news that Magellan has agreed to merge with Barrenjoey. Morgans thinks the deal makes strategic sense and will reinvigorate the Magellan story. And while the deal pricing appears tilted in Barrenjoey's favour, it still sees plenty to like here for Magellan. The broker believes the merger fundamentally changes the company's overall outlook, strengthens the business, and provides additional pathways to growth. The Magellan share price is fetching $10.29 at the time of writing.

REA Group Ltd (ASX: REA)

Analysts at Citi have retained their buy rating and $199.00 price target on this property listings company's shares. According to the note, Citi was pleased to see that new listings were up mostly in February after almost a year of monthly year-on-year declines. And while it acknowledges that potential interest rate hikes in March and May could act as a headwind for the property market, Citi notes that this is priced into its forecasts. In fact, the broker sees potential for the company to outperform its guidance thanks to an outperformance in the Melbourne and Sydney markets. The REA Group share price is trading at $168.25 on Friday afternoon.

The post Brokers name 3 ASX shares to buy today appeared first on The Motley Fool Australia.

Four ASX shares that are rising more than most today are listed below. Here's why they are climbing:

Cobram Estate Olives Ltd (ASX: CBO)

The Cobram Estate Olives share price is up 3% to $3.05. Investors have been buying the olive producer's shares following the release of an update on its proposed acquisition of US-based California Olive Ranch. It is the leading producer and marketer of Californian extra virgin olive oil. The company revealed that it has successfully completed the United States Department of Justice anti-trust review and may proceed with the acquisition. As a result, completion of the transaction is expected to occur on or before 26 March, with integration to commence immediately thereafter.

Electro Optic Systems Holdings Ltd (ASX: EOS)

The EOS share price is up 14% to $11.27. This has been driven by the announcement of new counter-drone orders from the Middle East. The two new unconditional orders for counter-drone systems have a total value of US$45 million (A$64 million). It stated: "This sale is to an established customer country in the Middle East and the customer is a large, established defence prime contractor with several large-scale government and export contracts. The customer has requested that EOS do not disclose the customer identity due to national security considerations."

Magellan Financial Group Ltd (ASX: MFG)

The Magellan share price is up 4.5% to $10.23. This may have been driven by a broker note out of Morgans. As we covered here, the broker has upgraded the fund manager's shares to a buy rating with an improved price target of $12.43. It said: "We think the Barrenjoey merger fundamentally changes MFG's overall outlook, strengthening the business and providing additional pathways to growth. MFG also retains a strong balance sheet (~A$690m of liquidity, post deal). Move to a BUY."

Rio Tinto Ltd (ASX: RIO)

The Rio Tinto share price is up 3% to $157.99. Another broker note from Morgans could also be helping this mining giant's shares today. It has upgraded Rio Tinto's shares to a hold rating with a $147.00 price target. It said: "The recent share price pullback closes the valuation stretch, while a lift in our medium-term iron ore assumption from US$80/t to US$85/t provides a firmer earnings floor. RIO remains a top-tier diversified miner. Not cheap enough for a BUY, but the pullback removes the overshoot that justified TRIM."

The post Why Cobram Estate, EOS, Magellan, and Rio Tinto shares are storming higher today appeared first on The Motley Fool Australia.

Does the broker think they are buys, holds, or sells? Here's what Morgans is recommending to clients:

Collins Foods Ltd (ASX: CKF)

The broker was pleased with news that this KFC restaurant operator is expanding its footprint in Germany with an attractive acquisition.

In response to the news, the broker has reaffirmed its buy rating on Collins Foods shares with a slightly improved price target of $12.70. It said:

CKF has announced what we see as a high-quality German KFC bolt-on at attractive economics. CKF is acquiring an eight-restaurant Bavarian portfolio at just under 6x restaurant-level EBITDA (pre-AASB 16) and expects the deal to be immediately EPS accretive. The Germany runway has been extended through the German Development Agreement (DA) to 45-90 new restaurants (from 40-70), materially extending the organic growth runway.

We believe this was a sensible, returns-focused deal that adds weight to the Germany growth story; execution is still key, but with a refreshed team and strong operators at the helm, success in Germany should be the catalyst for a re-rate despite lingering Netherlands noise. We upgrade to a BUY with a $12.70 target (was $12.40).

Endeavour Group Ltd (ASX: EDV)

Another ASX share that Morgans has been looking at is Dan Murphy's owner Endeavour Group.

It was relatively pleased with its half-year results. However, for now, the broker thinks its shares are fairly valued and has retained its hold rating with a $3.65 price target. It said:

There were no major surprises in EDV's 1H26 result following the company's trading update in January. While EDV continues to work on its refreshed strategy with further details to be provided at an investor day on 27 May, management confirmed that the combined Retail and Hotels portfolio will be retained.

Management also noted that they will continue investing in Dan Murphy's to restore its price leadership, while accelerating hotel renewals and electronic gaming machine (EGM) replacements. We decrease FY26-28F underlying EBIT by between 0-1%. Our target price falls to $3.65 (from $3.70) and we retain our HOLD rating.

Magellan Financial Group Ltd (ASX: MFG)

Morgans has also been looking at Magellan shares. It notes that the company is planning to merge with Barrenjoey.

And while it feels the deal is more favourable to Barrenjoey, it thinks it has created a buying opportunity for investors. It has upgraded its shares to a buy rating with an improved price target of $12.43. It said:

MFG has entered into an arrangement to merge with Barrenjoey. We think the deal makes strategic sense and will reinvigorate the MFG story. Nevertheless, deal pricing appears tilted in Barrenjoey's favour (in our view). We assume the merger closes at the end of FY26. Changes to our MFG FY26F/FY27F/FY28F EPS are -27%/+10%/~+25% reflecting the incorporation of the deal and upgrades to our assessment of Barrenjoey's earnings profile (based on new disclosures).

Our price target is set at A$12.43 (previously A$9.80). We think the Barrenjoey merger fundamentally changes MFG's overall outlook, strengthening the business and providing additional pathways to growth. MFG also retains a strong balance sheet (~A$690m of liquidity, post deal). Move to a BUY.

The post Buy, hold, sell: Collins Foods, Endeavour, and Magellan shares appeared first on The Motley Fool Australia.

Magellan shares have surged since the investment manager announced its proposed merger with Barrenjoey Capital Partners.

The deal values the young investment bank at $1.62 billion.

Magellan was an early backer of Barrenjoey, which launched in 2020 under former UBS bankers Matthew Grounds and Guy Fowler OAM.

Barrenjoey's current and founding CEO, Brian Benari, was CEO of Challenger Ltd (ASX: CGF) for seven years before joining the start-up.

Magellan owns 36% of Barrenjoey and will pay $903 million for the rest of the company through the issuance of new Magellan shares.

Last week, Magellan completed a $130 million institutional capital raise to help fund the merger.

As we reported, one of Australia's most successful families was among the participants.

The Lowy family, founder of the Westfield retail empire, invested just over $79 million to take a 5.1% stake in the new entity.

Steven Lowy told the Australian Financial Review (AFR) that they viewed the merged company as "a sound long-term investment".

Should you buy Magellan shares?

Magellan opened a $20 million Share Purchase Plan (SPP) for ordinary investors today.

Magellan shareholders can apply for up to $30,000 worth of new Magellan shares at $8.45 apiece.

That's a 13% discount on today's closing Magellan share price, but bear in mind it has risen 15% since the merger was announced.

The SPP will close at 5pm (Sydney time) on Wednesday, 25 March. Shareholders will vote on the merger on 10 April.

The Magellan board unanimously recommends that investors vote in favour of the deal.

If you don't already own Magellan shares, you are not eligible to participate in the SPP.

What do the experts think of the deal?

If you are considering buying Magellan shares, via the SPP or on-market, you might be interested in some expert opinions.

Since the merger was announced, CLSA has upgraded its rating on Magellan shares to outperform.

The broker has also increased its 12-month share price target on Magellan from $9.60 to $12.

CLSA analyst Richard Amland said (courtesy AFR):

We think [the transaction] could compare favourably with a young Macquarie Bank.

Amland is not the only analyst to compare Barrenjoey with Australia's largest listed investment bank.

In a note to clients, Morgan Stanley analyst Andrei Stadnik said the merger set Magellan up "to create a Macquarie-like growth story".

Morgan Stanley has upgraded Magellan shares to a hold rating and increased its target from $8.10 to $9.20.

Stadnik discussed Barrenjoey's sharply rising revenue and said he forecasts earnings growth of 92% in FY26 and 24% in FY27.

The analyst commented:

While growth has been broad-based, opportunities in fixed income from US swap dealing and the opening of its Abu Dhabi office to service European Union clients will continue to support growth.

JP Morgan also upgraded Magellan to a hold rating with a $9 share price target.

Macquarie itself maintained a hold rating on Magellan and increased its target from $8.30 to $8.65.

UBS was critical of the deal and reiterated its hold rating on Magellan shares with a 12-month target of $9.90.

In a note to clients, UBS analysts said:

We are surprised the board is supportive of what appear to be relatively unattractive deal terms for Magellan Financial Group.

They added:

The strategic rationale appears limited.

The post Should you buy Magellan shares before the Barrenjoey merger? appeared first on The Motley Fool Australia.

Magellan announced the deal last Monday, and by the end of the week, one of Australia's wealthiest families had taken a 5.1% stake.

Any investor who holds a 5% stake or more is considered a 'substantial holder', and their purchase must be formally disclosed to the ASX.

According to the ASX lodgement, the Lowy family purchased 9.35 million Magellan shares through a trust on Friday.

The Lowy family paid just over $79 million for their Magellan shares.

That shakes out to an average $8.45 per share, which was the offer price in the $130 million institutional capital raise completed last week.

The Lowy family has confirmed their participation, with Steven Lowy describing Magellan post-merger as 'a sound long-term investment'.

Who is the Lowy family?

The Lowy family is best known for founding the global shopping centre corporation, Westfield.

Bilionaire Frank Lowy built the business up to become one of the world's largest retail empires.

Frank Lowy's son, Steven Lowy, is a principal of the family's private investment business, Oryxium, and its family office.

Steven Lowy told the Australian Financial Review (AFR) that the family had a long history as a Magellan investor.

Steven Lowy said:

We also have long-standing relationships with the senior team at Barrenjoey and have followed their progress since its establishment.

We have taken the opportunity to become a cornerstone shareholder in MFG with immediate effect through the placement this week, as we believe the merged entity would be a sound long-term investment.

What's the latest news about the merger?

Magellan has set a date for the shareholders' vote on the Barrenjoey merger.

It will take place at an extraordinary general meeting on Friday, 10 April.

Following the institutional capital raise, Magellan will now conduct a $20 million Share Purchase Plan (SPP) for ordinary investors.

The SPP will open on Thursday, with SPP booklets to be dispatched to retail investors tomorrow.

Shareholders can apply for a maximum of $30,000 worth of new Magellan shares at the same offer price of $8.45.

The SPP will close at 5pm (Sydney time) on Wednesday, 25 March.

In a letter to shareholders attached to the EGM notice, Magellan chair Andrew Formica said:

As a founding investor, MFG has participated in the strong growth of Barrenjoey over its first five years.

This Merger sets the foundation for future growth and enhanced MFG economic participation.

History between Magellan and Barrenjoey

Magellan gave Barrenjoey $150 million in seed capital before its launch in 2020, and currently owns a 36% stake.

The boutique investment bank is the brainchild of co-executive chairs Matthew Grounds and Guy Fowler OAM.

Grounds and Fowler sensationally left global investment bank UBS to start up Barrenjoey.

Barrenjoey's current and founding CEO, Brian Benari, was previously CEO of Challenger Ltd (ASX: CGF) for seven years.

The Magellan board unanimously recommends that investors vote in favour of the merger and the issue of new shares to pay for it.

Magellan expects to complete the merger in 4Q FY26.

Magellan share price snapshot

The Magellan share price is $10.48, down 2.3% on Tuesday.

The Magellan share price has been on struggle street since 2021.

That was the year Magellan lost the St James Place mandate, worth about 12% of its revenue at the time, as well as its co-founder and chief stock-picker, Hamish Douglass, who resigned for health reasons.

Magellan's funds under management have fallen from $113 billion in July 2021 to $40 billion today.

In July 2021, the Magellan share price was about $50.

Over five years, the Magellan share price has crumbled by 73%.

The post Lowy family buys into Magellan after merger news pushes share price 25% higher appeared first on The Motley Fool Australia.