Stocks of the Hour: Qube, Magellan Financial & Eagers Automotive

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Qube (ASX:QUB) has announced a $400 million off-market buyback program via a tender process. At its half-year results in late February, Qube said it intended to return $400 million of capital to shareholders in FY22 following completion of the Moorebank Logistics Park transaction. Shares are trading 2.2 per cent higher at $3.08.

Hamish Douglass has resigned from Magellan Financial’s (ASX:MFG) board following its decision to step down as chairman in February on medical leave, which has now led him to resign as a director. The board will continue to search for another independent director. Shares are trading over 1 per cent higher at $15.90.

Eagers Automotive (ASX:APE) has entered into a non-binding agreement with Australian Motor Group to sell its Bill Buckle Auto business and associated properties in Sydney’s Northern Beaches for around $92 million. Eagers said the proceeds will provide the company with additional capacity to invest in organic growth. Shares are trading 2.6 per cent higher at $12.85.