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ASX200 falls; RPM Automotive acquires Safety Dave; Magellan Financial Group tanks 28% on mandate termination.

  • The ASX200 is trading 0.44% lower at 7272.10 after lunchtime.
  • RPM Automotive Group acquires Safety Dave for $9.5m to expand core offering.
  • Magellan Financial Group tumbles 28% on termination of major contract.

The Australian market is 0.44% lower today at 7272.10 points after lunchtime as a sharp sell-off in energy stocks weighs down the key index, while Magellan dives 28% to drag down the financials sector.

The tech sector is rallying today, up just under 1% after lunchtime as strong gains for Xero, Altium and EML Payments offset a more than 3% dive for IRESS.

Bitcoin is trading 0.17% lower over the last 24-hours at US$46, 573.84 at 1:30pm AEDT.

Australian-based leading automotive group RPM Automotive Group announced the strategic acquisition of Safety Dave for a consideration of $9.5m to expand its core product line into the automotive safety products sector. The acquisition will bring Safety Dave’s rear vision systems, tyre pressure monitoring system, defibrillators, first aid kits and fire safety products under the RPM group’s brand to enhance RPM’s market leadership vision.

Making headlines, Magellan Financial Group shares are in freefall today after the fund manager confirmed it has lost its largest mandate to US fund giant State St Global Advisors. The release announcing the termination of the mandate with St James’s Place (SJP) noted the mandate was a separate account and not an investment in any of Magellan’s retail global funds, but will see around 12% of the Magellan Group’s current annual revenues wiped as SJP accounted for this amount annually.

And robot-chefs are ready to hit the market in 2022 after London-based Moley Robotics announced it will release the ‘Moley Robotic Kitchen’ next year to cook more than 5000 different recipes.

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