Stocks of the Hour: Magellan, Bank of Queensland & Zip Co

Company News

by Lauren Evans

Magellan’s (ASX:MFG) CEO Brett Cairns is slated to step down due to personal reasons. Chief financial officer Kirsten Morton will step in for the meantime. Shares in Magellan Financial Group (ASX:MFG) are trading 5.4 per cent lower at $29.40.

Bank of Queensland (ASX:BOQ) expects a lower FY22 net interest margin than previously projected. Meanwhile, the bank reconfirmed guidance for at least 2 per cent positive jaws, which compares a bank’s income growth to operating expense growth. Shares in Bank of Queensland (ASX:BOQ) are trading 4.1 per cent higher at $7.92.

Zip Co (ASX:Z1P) has reported strong momentum in November, achieving a monthly transaction volume of $906.5 million, up 52 per cent year-on-year. Based on November, transaction volumes are now annualising at over $10 billion. Shares in Zip Co (ASX:Z1P) are trading 8.3 per cent higher at $4.70.

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