ASX 200 rises, Macquarie falls, Magellan declines

The S&P/ASX 200 Index (ASX:XJO) rose 0.3% today. Macquarie Group Ltd (ASX:MQG) reported its profit, but the share price fell.
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The S&P/ASX 200 Index (ASX: XJO) went up 0.3% today to 7,081 points.

Here are some of the highlights from the ASX:

Macquarie Group Ltd (ASX: MQG)

The investment bank reported its FY21 result today. Its share price dropped 0.35% in reaction.

Macquarie reported that net profit grew 10% year on year to $3 billion. The second half of FY21 saw Macquarie generate $2 billion of profit, up 59% on the prior corresponding period.

The assets under management (AUM) fell 6% to $563.5 billion over the year.

Macquarie said that its financial position comfortably exceeds regulatory minimum requirements. It had surplus capital of $8.8 billion, with a bank CET1 ratio of 12.6%.

The ASX 200 share’s board declared a final dividend of $3.35 per share, bringing the FY21 dividend to $4.70 per share.

Macquarie CEO and managing director Shemara Wikramanayake spoke about the outlook:

Macquarie remains well-positioned to deliver superior performance in the medium term. This is due to our deep expertise in major markets, strength in business and geographic diversity and ability to adapt the portfolio mix to changing market conditions, an ongoing program to identify cost saving initiatives and efficiency, a strong and conservative balance sheet, and a proven risk management framework culture.

REA Group Limited (ASX: REA)

The REA Group share price went up more than 1% after releasing its FY21 third quarter update to investors.

For the quarter, it reported that revenue after broker commissions rose 8% to $225.6 million. Operating expenses also grew 8%, leading to underlying earnings before interest, tax, depreciation and amortisation (EBITDA) rising by 8% to $121.9 million. Including the share of profit and losses from associates, EBITDA went up 13% to $123.3 million. REA’s free cashflow went up by 5% to $65.4 million for the quarter.

The Australian residential property market saw national listings up 8%.

In terms of current trading, the ASX 200 share said the strength of the residential property market was evident in April, with increased levels of buyer enquiry underpinned by low interest rates, improving consumer confidence and healthy bank liquidity. National residential listings were up 98% year on year, with an increase in Melbourne of 127% and 116% in Sydney. The comparison period was during the COVID-19 period where listings dropped.

REA Group CEO Owen Wilson said:

Conditions are aligned for the Australian property market to continue its positive trajectory for the remainder of 2021. This momentum, combined with strategic investments made throughout FY21, positions REA for a strong finish to the year.

Magellan Financial Group Ltd (ASX: MFG)

The ASX 200 funds management company released its monthly update to 30 April 2021 today.

It reported an increase in funds under management (FUM) from $106 billion to $110.4 billion.

The global equities strategy saw FUM rise from $79.3 billion to $82.9 billion. Next, the infrastructure equities strategy saw FUM rise from $18.16 billion to $18.6 billion. Finally, the Australian equities strategy saw FUM growth from $8.56 billion to $8.9 billion.

The Magellan share price dropped by 0.4% today.

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Motley Fool contributor Tristan Harrison owns shares of Magellan Financial Group. The Motley Fool Australia owns shares of and has recommended Macquarie Group Limited. The Motley Fool Australia has recommended REA Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post ASX 200 rises, Macquarie falls, Magellan declines appeared first on The Motley Fool Australia.

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