Markets go frosty on Magellan ☃️

Triple-witching options expiry in the US markets made for a poor handover today. Then in a short statement, Magellan told the market it was losing its biggest backer, sending the share price down 30% from the open. Magellan’s 30% slump dwarfed all other negatives. Financials more broadly had a poor session, closing down 1.2%, but the Energy complex was at the bottom of the ladder, down 3.2%. ASX200 leaders were thin on the ground, although BlueScope popped 4% higher on a broker upgrade to buy, and the markets bought the dip on CSL. After a tumultuous week last week, the tech sector was flat. With less than four trading days ahead of Christmas, expect increasingly thin and whippy price action. After trading off the lows, the ASX200 closed down 12 points, or -0.2%. This was an outperformance compared with the broader Asian region and US futures.Our top three VODs:"Stellar" IPO market to be buffeted by headwinds in 2022Two battery plays to supercharge your portfolioStagflation, curve inversions and a growing risk of recession Hosted on Acast. See acast.com/privacy for more information.