These ASX shares are starting the week strongly…
The post Why Family Zone, IAG, Latitude, & Suncorp shares are charging higher appeared first on The Motley Fool Australia. –
In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a small gain. At the time of writing, the benchmark index is up 0.1% to 7,544.9 points.
Four ASX shares that are climbing more than most today are listed below. Here’s why they are charging higher:
Family Zone Cyber Safety Ltd (ASX: FZO)
The Family Zone share price has jumped 16% to 70 cents. Investors have been buying the cyber safety company’s shares following the completion of an institutional placement. Family Zone has received binding commitments to raise $114.1 million at a price of $0.55 per new share. These funds will be used to fund the upfront consideration for the acquisition of UK based K-12 digital safety solutions provider Smoothwall.
Insurance Australia Group Ltd (ASX: IAG)
The IAG share price is up 5% to $5.24. This morning the insurance giant announced changes to its board. This will see the company’s Chair, Elizabeth Bryan, retire at its annual general meeting in October. She will be succeeded by Tom Pockett. However, the catalyst for today’s gain isn’t likely to be this. It is more likely to have been driven by a strong result by an insurance rival this morning.
Latitude Group Holdings Ltd (ASX: LFS)
The Latitude share price is up 5% to $2.40. Investors have been buying the instalments and lending company’s shares after it announced an agreement to acquire Symple Loans for $200 million in shares and cash. Symple is a Melbourne-based personal lending fintech. It uses state-of-the-art global technologies, advanced analytics, and proprietary risk-based pricing techniques to deliver simple digital experiences to customers and brokers, fast approvals, and same-day settlements.
Suncorp Group Ltd (ASX: SUN)
The Suncorp share price has jumped 8% to $12.84. The catalyst for this was the release of a strong full year result this morning. For the 12 months ended 30 June, the insurance giant reported a 42.1% increase in cash earnings to $1,064 million. This compares favourably to Goldman Sachs’ estimate of $1,005 million. This strong form allowed Suncorp to declare a special dividend and announce a $250 million on-market share buyback.
The post Why Family Zone, IAG, Latitude, & Suncorp shares are charging higher appeared first on The Motley Fool Australia.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Insurance Australia Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.