Shares gain 0.7pc. Suncorp adds 3pc. Adore Beauty in $25m acquisition. Wall St edges higher. US inflation, French elections ahead. Follow here.
Australian shares rose 0.6 per cent at the open pushed higher by gains among banking and property stocks to put them on course to snap a two-day losing streak following a hotter than expected May CPI print on Wednesday. Meanwhile, Treasurer Jim Chalmers has announced ANZ’s proposal to buy Suncorp Bank can proceed subject to enforceable conditions.
Shares in rival insurer IAG surged 7.2 per cent to $7.17 after it announced a major reinsurance deal and confirmed operating earnings guidance for financial 2024. “Overall, we think IAG is a really compelling story now,” said Wilson’s Asset Management senior equity analyst Anna Milne. “It’s a landmark dal for IAG today, the biggest transaction they’ve done we think its very positive.
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