ASX 200 drops over 1%

The S&P/ASX 200 Index (ASX: XJO) fell by 1% today to 6,600 points.

Here are some of the highlights from the ASX:

Magellan Financial Group Ltd (ASX: MFG)

Magellan announced it’s buying a 10% stake in GYG for $86.8 million. GYG is an Australian based quick service restaurant chain specialising in made to order, fresh Mexican food with 147 restaurants across Australia, Singapore, Japan and the US.

GYG is led by founder and CEO Steven Marks as well as chairman Guy Russo, who used to be the CEO of McDonalds as well as Kmart and Target.

Hamish Douglass, the chairman of Magellan, said: “We are extremely pleased to become a shareholder in GYG. Magellan has deep investment experience in the quick service restaurant industry and we believe…

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