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AU Morning Wrap: Magellan appoints new CEO; Graincorp triples dividend

Moomoo News AUwrote a column05/11/2022 08:08
G'day, mooers! Check out the latest news on today's stock market!
• US stocks ended mostly higher ahead of inflation data
• Australian shares opened lower on Wednesday; ASX 200 dropped 0.11 per cent
• Stocks to watch: Magellan Financial Group, CSR, GrainCorp
- moomoo News AU
AU Morning Wrap: Magellan appoints new CEO; Graincorp triples dividend
Wall Street Summary
US stocks struggled to hold early gains as equity markets tried to a build a base after a three-day sell-off drove the S&P 500 to its weakest level in more than a year. Growth stocks led ahead of tonight's much-anticipated inflation update.

The $S&P 500 index(.SPX.US)$ seesawed before closing with a gain of ten points or 0.25 per cent. The $Nasdaq Composite Index(.IXIC.US)$ fared best with a rise of 114 points or 0.98 per cent. The $Dow Jones Industrial Average(.DJI.US)$ closed 85 points or 0.26 per cent in the red after being up as much as 500 points and down around 350 points.

AU Market Watch
Australia's S&P/ASX 200 looks set to open slightly lower following a mixed lead from U.S. stocks. ASX futures are down by 0.1%, suggesting the benchmark index could add to its 2.1% loss so far this week.

Australian shares opened lower this morning. The $S&P/ASX 200(.XJO.AU)$ lost 0.11 per cent to 7044 as of 10:08 am.
Stocks to Watch
$Magellan Financial Group Ltd(MFG.AU)$: David George will run homegrown equities manager Magellan Financial Group after being appointed CEO and managing director. He is a former deputy chief investment officer for public markets at the Future Fund.

$CSR Ltd(CSR.AU)$: CSR has reported net profit after tax (before significant items) of $193 million for the year ended March 31, up 20 per cent from the previous year.

$Graincorp Ltd(GNC.AU)$: GrainCorp has delivered a record half-year result on the back of booming demand for Australian commodities and favourable planting conditions. The company reported EBITDA of $427 million for the half-year ended March 31, up from $140 million in the prior corresponding period.

Ex-dividend Companies: $National Australia Bank Ltd(NAB.AU)$, $ResMed Inc(RMD.AU)$

• Iron ore extended losses, down -1.3% to US$130.3 a tonne.
• Oil is down -10% in the last two sessions amid worries about worsening economic growth.
• Gold prices edged lower as the US dollar continues to rally.

Source: Dow Jones Newswires, AFR
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only. Read more
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