Australia's Magellan Financial tanks 10% after last week's bumper gains

Magellan Financial

09/03/2026 03:04

** Shares of Magellan Financial MFG.AX fall as much as 10.2% to A$10.375 after clocking a 36% gain the previous week

** MFG last down nearly 9% at A$10.53

** Stock among the biggest losers on ASX200 benchmark index <.AXJO>, which is down nearly 4% as oil surges amid the Middle East war O/R

** Last Monday, MFG said it would buy financial services platform Barrenjoey Capital; stock hit its highest since Aug 20, 2025 last week

** On Monday, stock has fallen by most since February 23

** MFG up 15.7% this year, as of last close

($1 = 1.4316 Australian dollars)

(Reporting by Sameer Manekar in Bengaluru)

((Sameer.Manekar@thomsonreuters.com;))