The shares of Magellan Financial experienced a significant surge, rising by as much as 12.7% to A$10.37.

If the gains hold, this could be the most substantial climb the firm has experienced since April 7, 2022.

Impressively, the company’s stock was the top performer on the benchmark stock index.

The fund managing powerhouse has declared it will distribute a final dividend of 39.8 Australian cents per share along with a special dividend of 30 Australian cents per share.

As of June 30, Magellan Financial held A$373.4 million ($239.46 million) in cash reserves.

The declaration of a special dividend reflects the company’s robust balance sheet.

The firm’s stock reached its highest peak since February 16.

Despite the odds, the company had a 2.9% increase in shares for the year, as of the last close, outperforming the AXJO benchmark’s 0.1% decline.

Magellan Financial is a prominent Australian based fund manager.

Coles shares have tumbled as much as 3.4% to A$17.02, marking their lowest point since January 24th.

This drop comes after the retail behemoth announced that it has received notification of a delay from Britain-based firm, Ocado, concerning the handover of an automated customer fulfilment center in Victoria.

In March 2019, Coles made an agreement with Ocado, outlining the construction and development of two automated customer fulfillment centers, one each in Victoria and New South Wales.

Coles commented that the Victoria center commissioning will face delays, with the incremental ramp period projected to commence in mid-FY25, while the New South Wales center will see a ramp-up period from the end of 2HFY24.

Coles stated that the delays could potentially escalate the project’s capital and operating expenditure by about A$70 million and A$50 million respectively.

Shares are on track for their worst day since March 2, given that the losses persist.

Coles' stock is emerging as one of the benchmark index’s top losers, yet shares remain up approximately 5.4% this year, up to the last close.

Coles Group (ASX:COL) is a large Australia-based retailer specializing in various products ranging from fresh produce to general merchandise.

Imugene’s share prices have fallen by 14.9% to A$0.080, marking a near three-year low for the Australian biopharma company.

This fall has occurred in conjunction with the completion of a A$35 million share placement, with shares issued at A$0.084 each.

The stock, which has already fallen by 35.2% this year, is now set for its worst trading day since October 2022 due to this share issue price, which reflects a 10.6% discount to the last closing price.

Imugene is a clinical-stage immune-oncology firm, focused on creating high-performing immuno therapies for cancer patients.

According to financial analysts, Evolution Mining, an Australian gold mining company, is expected to record improved earnings from fiscal year 2024 due to an anticipated increase in output, high gold prices, and reduced debt.

Jefferies anticipates an increase in Evolution Mining’s (ASX:EVN) net profit after tax (NPAT) to A$528 million in FY24 and A$621 million in FY25.

They anticipate a reduction in the company’s debt-to-equity ratio from 34% at the end of FY23 to 24% by FY25.

However, Citi revised its FY24 earnings outlook for the company to a neutral stance due to predicted depreciation and amortisation expenses of A$730 per ounce.

Despite this, Ord Minnett maintains a hold position, expressing confidence in the company’s potential to increase production rates to around 200kozpa in the future.

Ord Minnett also adjusted their FY24 core net profit prediction, reducing it by 7.6% to A$463.3 million.

In FY23, Evolution Mining reported a 50% decline in its statutory NPAT to A$163.5 million.

The company’s stocks have risen by 18.5% this year, compared to an 8.5% increase in the ASX All Ordinaries Gold index.

Evolution Mining (ASX:EVN) is an Australian company focused on gold mining operations.

The recently announced financial developments within Magellan Financial Group have had financial enthusiasts buzzing with anticipation.

For the fiscal year 2024, Magellan Financial Group (ASX:MFG) anticipates its operating expenses for its funds management business to range between A$95 million to A$100 million.

Further cost benefits are forecasted to result from changes implemented, these should start showing in FY24 and continue onwards.

Topping off this good news, a special dividend of 30.0 AU cents per share has also been declared.

Magellan Financial Group (ASX:MFG) is a prominent Australian investment company, managing a diversified portfolio of global equities and currencies.

Shares of New Zealand’s Fonterra Co-Operative Group see a drastic decline of as much as 16.7%, taking the value down to NZ$2.7.

This might set a record for the worst percentage loss for the dairy company.

Following a second cut to its forecast for farmgate milk prices this month, instigated by global dairy industry weaknesses, Fonterra has ended up in this financial predicament.

The company now anticipates to pay NZ$6.00 to NZ$7.50 per kilogram of milk solid (kgMS) for the 2023-2024 season, a fall from its previous forecast which ranged between NZ$6.25 and NZ$7.75 per kgMS.

The declined demand from principal importing regions for whole milk powder has been affecting the prices negatively, states Fonterra CEO Miles Hurrell.

The stock has come down to its lowest point since March 16th, but even so, it is still up by 21.6% compared to the start of the year.

Fonterra Co-Operative Group is a New Zealand multinational dairy co-operative owned by around 10,500 New Zealand farmers.

Fonterra Co-Operative Group (ASX:FCG) has confirmed the implementation of a capital return.

The capital return, approximately NZ$800M, was implemented for its shareholders on 17 August 2023.

Fonterra is a major provider of dairy products across the globe.

Analysts at the investment firm Ord Minnett have cut the price target of Australia’s NextEd Group (ASX:NXD) to A$1.15 per share, down from A$1.65.

The adjustment in estimates comes after the educational tech services provider’s recent trading update underperformed market expectations, particularly in terms of its fiscal year 2024 outlook.

Ord Minnett lowered its FY24 revenue estimates for the company by 14%, and by 15% for FY25.

Additionally, the firm cuts its EBITDA forecasts for FY24 by 33%.

With these changes, by the last reported close, NextEd Group’s (ASX:NXD) stock had fallen by 25.4% for the year.

NextED Group is an Australian company that provides educational technology services.

Australia’s Orora (ASX:ORA) delivered better than anticipated results for FY23, according to analysts at Jefferies and Citi.

Despite facing market challenges, the company exceeded expectations.

Citi prognosticates promising margins for Orora in 2H24/FY25.

Even though demand and price may remain weak, Jefferies analysts anticipate a return to stability in CY24, driven by recovery in demand and permanent capacity closures within the company.

Jefferies increases its price target for Orora to A$3.85, while Citi raises its target to A$4.10.

Among the five analysts reviewing its stock, two rate it as a ‘buy’ and three as a ‘hold’.

The median price target is A$8.7, as per Refinitiv.

Orora’s stock has risen 10.2% this year until the most recent closure.

Orora is an Australian packaging company involved in the production and distribution of packaging products and visual communication materials.

Coles Group (ASX:CGJ) has unveiled an update on the Ocado CFC project.

The firm has received a delay notification from its partner, Ocado, regarding the transfer of the Victorian CFC project.

It appears that additional works are now required to correct some construction problems identified during quality control procedures for the Victorian CFC.

As a result, the commissioning of the Victorian CFC is set to be delayed, with the incremental ramp-up period now projected to commence in mid-FY25.

Moreover, the timing for the New South Wales CFC project built by Ocado is anticipated to be commissioned with an incremental ramp-up period starting at the end of 2H FY24.

Coles warned that the delays may escalate project capital and operating expenses by A$70 million and A$50 million, respectively.

The firm now anticipates that capital expenditure will be A$400 million, of which 55% has already been spent by the end of FY23.

The balance of the total capital expenditure of A$400 million is expected to be incurred in FY24 and FY25.

Coles Group is an Australian corporation operating several retail chains.