Australia's Magellan Financials jumps on higher FY profit

Magellan Financial

15/08/2024 02:26

** Shares of Magellan Financial Group  MFG.AX  rise as much
as 11.2% to A$10.79, their highest since Oct. 19, 2022
    ** Stock posts its biggest intraday pct gain since Aug. 18,
2023, among top gainers on the ASX 200 benchmark
    ** Asset manager posts 31% rise in FY net profit after tax
to A$238.8 mln ($157.35 mln)
    ** Also announces strategic partnership with private adviser
Vinva Investment Management through a 29.5% stake buy in Vinva's
parent entity, Vinva Holdings, for A$138.5 mln
    ** Nearly 1 mln shares change hands, compared with the
30-day average volume of 602,869
    ** Stock had risen 4.5% this year, as of last close

($1 = 1.5177 Australian dollars)

 (Reporting by Sneha Kumar in Bengaluru)
 ((Sneha.Kumar@thomsonreuters.com;))