Stocks of the Hour: Magellan Financial, Ampol & IGO

Company News

by Lauren Evans

Magellan Financial (ASX:MFG) has noted a further $5 billion in net outflows since February 25, of which $4.7 billion are institutional outflows. As of March 11, Magellan had funds under management (FUM) of around $69.1 billion, compared with the last reported FUM of $77.2 billion. Magellan said the change reflects the recent market volatility. Shares are trading 4.8 per cent lower at $13.52.

Ampol (ASX:ALD) is set to sell its Gull business in New Zealand to investment manager Allegro for around $474 million (NZ$509 million.) The petroleum giant has committed to a five-year fuel supply agreement with Gull and intends to use proceeds from the sale to fund the proposed acquisition of Z Energy. Shares are trading 2.3 per cent higher at $28.77.

IGO’s (ASX:IGO) bid to acquire Western Areas is still in talks after the Western board appointed an independent expert to determine whether the acquisition is in the best interest of its shareholders in response to the recent nickel price volatility. IGO said nickel volatility is attributed to Russia’s invasion of Ukraine. Shares are trading 6.3 per cent lower at $11.94.
 

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