Why Family Zone, IAG, Latitude, & Suncorp shares are charging higher

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.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

*Returns as of May 24th 2021

More reading

Family Zone (ASX:FZO) share price climbs 17% on UK acquisition
Why the Tassal (ASX:TGR) share price is surging higher today
IAG (ASX:IAG) share price lifts following major board reshuffle
Latitude (ASX:LFS) share price rises on $200m Symple acquisition
Suncorp (ASX:SUN) share price on watch after announcing FY21 result and $250m buyback

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.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!