Australian asset manager Magellan Financial jumps over 8% on profit beat

Magellan Financial

15/02/2024 01:23

** Australian asset manager Magellan Financial Group
 MFG.AX  jumps as much as 8.6% to A$9.70, highest since Jan. 5
    ** MFG marks its best intraday pct jump since Jan. 5; on
track for a third straight session of gains
    ** Among top 10 gainers in the ASX 200 benchmark index
 .AXJO 
    ** Logs HY adjusted net profit after tax of A$93.5 mln
($60.64 mln), down 5% from a year ago, but significantly above
Citi estimate of A$68.1 mln and Visible Alpha consensus of
A$65.5 mln
    ** "Result is a strong beat, mainly due to capital gains" -
Citi
    ** MFG announces interim dividend of 29.4 AU cents per share
    ** Announces appointment of Sophia Rahmani as Managing
Director of Magellan Asset Management "likely to provide
stability in the future"
    ** MFG down 3.8% this year, as of last close

($1 = 1.5418 Australian dollars)

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))