ASX 200 LIVE: ASX to fall on Middle East conflict; OPEC+ lifts production; Magellan in $1.6b Barrenjoey merger

ASX 200 LIVE: ASX to fall on Middle East conflict; OPEC+ lifts production; Magellan in $1.6b Barrenjoey merger

Shares to fall as Iran, the US and Israel trade barbs; OPEC+ to lift oil production as analysts warn on prices; Magellan and Barrenjoy in $1.6b merger; Lynas’s Malaysia extension. Follow live.

Lunch Wrap: ASX dips across the board on oil spike; uranium and gold stocks glow

ASX slips as oil and gold surge Iran tensions rattle markets and confidence 
Magellan rockets 20pc on Barrenjoey deal
   By lunchtime in Sydney, the S&P/ASX 200 was down about 1.33%, slipping back as traders tried to navigate a messy geopolitical cocktail. Overnight in New York, things looked calmer on the surface. The Dow Jones, the S&P 500 and the Nasdaq all managed to crawl higher. But the calm felt a bit like someone whistling while walking …

Magellan soars +25% as Barrenjoey merger locked in by $130M placement

It’s got nothing to do with extractive industries (insofar as you don’t see high net worth investors as an exploitable resource) and it’s very Sydney-focused, but Magellan Financial (ASX:MFG) has on Tuesday soared around ~25% as it locks in a merger with investment bank Barrenjoey. Listen to the HotCopper podcast for in-depth discussions and insights on all the biggest headlines from throughout the week. On Spotify, Apple, and more. The news put…

ASX 200 today: Record close holds as oil shock lifts energy, banks stay on watch

The S&P/ASX 200 closed at a record 9,200.9 on Monday, led by sharp gains in energy stocks after oil prices surged on Middle East tensions. Financials dropped 1.8%, their worst session since November, while gold miners hit record highs. Magellan Financial announced a full buyout of Barrenjoey Capital Partners for A$1.62 billion. RBA Governor Michele Bullock is set to speak Tuesday ahead of key economic data releases. The post ASX 200 today: Recor…

Magellan and Barrenjoey are merging in a $1.6bn deal! Here's why all ASX investors should see this as significant

Magellan and Barrenjoey are coming together as one. Magellan actually was already a shareholder of Barrenjoey, with a 36% stake, but is buying the remaining shares it does not already own. In some respects it may seem an obvious match given the existing shareholding and how both companies are in the financial markets, but one…

A new ASX-listed investment bank

In a deal announced today, Magellan Financial Group (ASX: MFG) will buy Barrenjoey Investment Bank. For long-term investors, it could provide the opportunity to invest in another ASX-listed investment bank. Could it be the next Macquarie Bank? Of course, there is a long way to go from Barrenjoey’s $1.6 billion valuation to Macquarie’s $76.3 billion market capitalisation, so this blog is limited to examining today’s deal without commenting on val…