![]() ![]() Mr Douglass, who founded Magellan with Chris Mackay in 2006, requested a period of medical leave to prioritise his health, the company said on Monday. Hamish Douglass will step down as the chairman of Magellan Financial Group and be replaced by REA Group chairman Hamish McLennan. ![]() But news from Prime Minister Scott Morrison that Australia for the first time in two years would reopen to double vaccinated international visitors on February 21 lifted the ASX 200 to close flat. The S&P/ ASX 200 was down as much as 0.4% through the morning, with US futures falling. It reported softer trading conditions in October for its markets business, which will likely impact its first-half performance. In its quarterly update released on Monday, banking group ANZ said it was considering increasing the size of the current on-market buy-back. National Australia Bank will provide a trading update on Thursday 10 February. Commonwealth Bank is scheduled to report half-year results on Wednesday 9 February. This week the focus will be on financial services companies on the ASX as earnings season builds in Australia. While these issues present clear obstacles to growth, Morgan Stanley cautioned that their duration and severity have not been fully priced into forecast earnings, which could see some companies severely punished. With 19% of the local bourse by market capitalisation reporting this week, the broker is expecting to see growing evidence of pandemic-inflicted disruptions, supply chain friction and labour shortages. Investors could be in for a shock this earnings season as markets further underestimate the financial blow dealt by omicron in the first half of financial 2022, and the persistence of cost pressures, Morgan Stanley has warned. Seven out of 12 analysts there have an Outperform recommendation on the stock, one has a Sell and four rate Macquarie Group at Neutral. Shares traded 1% up to an intraday high of $194.70 on Monday, with the consensus at a 12-month price target at $206.37, according to the average analyst report. "We trim our valuation and address higher rates, but remain Overweight given structural tailwinds in private markets, infrastructure and green energy." "Private markets and commodities have been particular strong." "We expect a flat to positive December quarter update at Macquarie's operational briefing," he said in a note to clients. Morgan Stanley's Andrei Stadnik last week trimmed his target price on Macquarie Group by 4% to $235, while reiterating his Overweight rating. Net profit at its banking and financial services unit grew 52% to $482 million, driven by 14% growth in home lending. The company recorded double-digit growth in all its four businesses in the first half, including a local bank and its commodities and global markets unit, which saw a 60% rise in profit. The country’s largest asset manager and world’s largest infrastructure investor, according to Reuters, more than doubled its first half profit to $2.04 billion, boosted by a global power crunch that roiled commodity markets.Ĭhief executive Shemara Wikramanayake flagged an increased focus on green investment, announcing that Macquarie’s Green Investment Group (GIG), which it acquired from the British government in 2017, would be moved from its investment unit into its funds management business to better capture investor appetite. In late October, it bolstered its near-term outlook after posting a record profit and said it planned to raise at least $1.5 billion to step up green energy related investments. Macquarie Group (AU: MQG) is scheduled to give an operational update on Tuesday 8 February. ![]()
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