Stocks of the Hour: Rio Tinto, Magellan, Origin Energy, St Barbara

Mining giant Rio Tinto (ASX:RIO) has selected Dominic Barton as chairman. The former McKinsey leader of 30 years is slated to join the Rio board as of April next year. At the end of the AGM scheduled in May, he will be appointed the Chairman. Shares in Rio Tinto (ASX:RIO) are trading 0.6 per cent lower at $97.41

Magellan (ASX:MFG) has lost its $18.6 billion mandate from British wealth manager St James’s Place. This move is likely to have a six per cent hit on the revenues for the year ended June 30. Shares in Magellan (ASX:MGF) have taken a dive, down 24.5 per cent lower at $22.18

In M&A news, one of Origin Energy’s (ASX:ORG) subsidiaries has inked a deal to buy WINconnect for $42.4 million, while gold miner St Barbara (ASX:SBM) is set to buy Leonora Province Plan for $157 million. Shares in Origin Energy (ASX:ORG) are trading 0.3 per cent lower at $5.08 while, shares in St Barbara (ASX:SBM) are trading 5.1 per cent lower at $1.40.
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Source: Finance News Network