Australia's Magellan Financial climbs to over 6-month high on Barrenjoey acquisition plans

Magellan Financial

03/03/2026 24:00

** Shares of Magellan Financial MFG.AX jump as much as 31.3% to A$11.11, their highest level since August 20, 2025

** Stock set for it strongest intraday trading session since September 7, 2006, if gains hold

** Stock resumes trading after being on halt on Monday, but emerges as top gainer in ASX 200 benchmark index .AXJO

** Co said on Monday it will acquire all issued shares of Barrenjoey Capital Partners that it does not currently own at an implied value of A$1.62 billion ($1.15 billion) for Barrenjoey as a whole

** Co announced share placement to raise up to A$130 million at A$8.45 per share

** YTD, stock up 5.3%, including the day's moves

($1 = 1.4085 Australian dollars)

 (Reporting by Shivangi Lahiri in Bengaluru)

 ((shivangi.lahiri@thomsonreuters.com))