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ASX 200 midday update: Magellan smashed, Liontown signs Tesla deal

The ASX 200 has started the week in the red…
The post ASX 200 midday update: Magellan smashed, Liontown signs Tesla deal appeared first on The Motley Fool Australia. –

At lunch on Monday, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a decline. The benchmark index is currently down 0.3% to 7,215 points.

Here’s what is happening on the ASX 200 today

Magellan shares smashed

The Magellan Financial Group Ltd (ASX: MFG) share price has crashed to a multi-year low on Monday. Investors have been selling this fund manager’s shares for a couple of reasons. The first is the release of an update which revealed another sizeable decline in funds under management. The other is news that S&P Dow Jones Indices has dumped Magellan from the illustrious ASX 100 index.

Appen continues to slide

The Appen Ltd (ASX: APX) share price has taken a tumble on Monday. Investors have been selling the artificial intelligence data services company’s shares amid weakness in the tech sector and news that it will be kicked out of the ASX 200 index at the next rebalance. PolyNovo Ltd (ASX: PNV), which is also exiting the ASX 200 index, is falling on the news as well.

Lithium updates

Allkem Ltd (ASX: AKE) and Liontown Resources Limited (ASX: LTR) shares are dropping on Monday despite the release of updates. Liontown has announced a binding offtake agreement with Tesla for almost a third of its planned lithium production. Whereas Allkem has revealed stronger than expected pricing for its lithium carbonate during the current quarter but weaker spodumene production guidance.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Monday has been the Tabcorp Holdings Limited (ASX: TAH) share price with a 3.5% gain. This morning the gambling company revealed that it has reached a conditional settlement of litigation with Racing Queensland. Going the other way, the Magellan share price is the worst performer with a 13% decline.

The post ASX 200 midday update: Magellan smashed, Liontown signs Tesla deal appeared first on The Motley Fool Australia.

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More reading

Could the Core Lithium share price be set to take off again in June?
Why is the Magellan share price tumbling 10% on Monday?
Appen and PolyNovo tumble after being kicked out of the ASX 200 along with these shares
Liontown share price drops despite Tesla deal
Allkem share price falls on mixed lithium update

Motley Fool contributor James Mickleboro has positions in Allkem Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Appen Ltd and POLYNOVO FPO. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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