In what must be some sweet relief for ASX investors, the S&P/ASX 200 Index (ASX: XJO) is bouncing back with a vengeance this Friday. At the time of writing, the ASX 200 is up a healthy 1.56% and back over 7,000 points. That goodwill is amplifying when it comes to the Magellan Financial Group Ltd (ASX: MFG) share price.
Magellan shares are currently up a pleasing 6.6% at $15.70 a share. Earlier today, the fund manager rose as high as $15.77, a jump of more than 7% at the time. So why are Magellan shares shooting so convincingly higher today?
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Why is the Magellan share price rocketing today?
Well, we can't be sure. Magellan hasn't put out any news announcements today itself. However, the company did announce this week that it has finally found a replacement CEO for Brett Cairns, who left the post last year.
As we covered on Wednesday, Magellan has appointed a former investment officer at the Future Fund, David George, as its new CEO and managing director, effective 8 August.
News of the appointment initially sparked some goodwill for the Magellan share price, but the company was back in the red amid yesterday's tumble that went through almost the entire ASX.
So perhaps today's gains are an extension of this original positive sentiment.
Whatever the reason, today's surge in the Magellan share price will no doubt come with some relief for investors. Even so, Magellan shares still remain down close to 10% over the past five trading days, and by more than 50% over the past six months.
At the current Magellan share price, this ASX 200 fund manager has a market capitalisation of $2.90 billion, with a trailing dividend yield of 14.3%.
