Australian Shares Flat; Magellan Financial Group Shareholders Approve Barrenjoey Merger
Australian shares were flat with a negative bias on Friday's close, as investors await talks between the US and Iran on ending the conflict in Pakistan this weekend.The S&P/ASX 200 Index was little changed to close at 8,960.60.US President Donald Trump said Iran was doing a "very poor job" of allowing oil to pass through the Strait of Hormuz. Iran is seeking to collect a toll on oil tankers passing through the strait. Brent crude futures rose 1% to $96.83 per barrel.On the domestic front, the total number of dwellings approved in Australia rose nearly 30% to 19,022 in February from 14,669 in the previous month, according to seasonally adjusted data from the Australian Bureau of Statistics.A disparity between supply and demand has resulted in divergent home value trends in Australia over the past several years, Cotality said in a report. Between the first quarter of 2020 and the third quarter of 2025, the sharpest growth in home values was concentrated in states where population growth has significantly exceeded the rate of dwelling completions, pointing to Western Australia and Queensland as primary examples.Bendigo Bank Chief Economist David Robertson expects the Reserve Bank of Australia (RBA) to hold the cash rate steady in May, but a third rate hike for the year is likely in August.In company news, Magellan Financial Group (ASX:MFG) said its shareholders approved a resolution to issue consideration shares to the Barrenjoey parties and an affiliate of Barclays as part of a proposed merger at an extraordinary general meeting on Friday.Fortescue (ASX:FMG) ramped up the delivery of an industrial, fully-integrated green energy grid amid plans to power all of its operations in Western Australia's Pilbara region for 24-hour periods without fossil fuels in 2027. Its shares fell 1% on market close.Lastly, Life360 (ASX:360) laid off an undisclosed number of employees, as part of plans to reshape the company into an "AI-native model," according to a social media post by Chief Executive Lauren Antonoff. Its shares closed down 3%.