The ASX 200 (Index: ^AXJO) (ASX: XJO) was focused on the bushfires this week. Here are four stories you may have missed that affected businesses in the ASX 200 index:
Woodside Petroleum Limited (ASX: WPL)
Woodside made two positive announcements this week regarding Exploitation Authorisation by the Government of Senegal and Approval for the Sangomar Field Development by the Rufisque Offshore, Sangomar Offshore and Sangomar Deep Offshore (RSSD) joint venture.
Phase 1 of the development will target an estimated 231 million barrels of oil resources from the lower, less complicated reservoirs and an initial pilot phase in the upper reservoirs.
Suncorp Group Ltd (ASX: SUN)
Suncorp gave a bushfire and natural hazard update for the first half of FY20. The insurance company has received over 2,600 bushfire-related claims with total bushfire costs year to date of between $315 million to $345 million.
Total natural hazard costs for the first half of FY20 is $519 million, which includes other events like storms and hail.
Bushfire updates from other businesses
This week we heard more from various businesses about the effects of the bushfires. Some companies like Bega Cheese Ltd (ASX: BGA) and Freedom Foods Group Ltd (ASX: FNP) that said there wasn’t much effect at all. There were some businesses like Ingenia Communities Group (ASX: INA) that said there may be a bit of an effect on its FY20 numbers.
However, some companies like Kangaroo Island Plantation Timbers Ltd (ASX: KPT) have been significantly affected and it will take some time to sort through the damage.
Magellan Financial Group Ltd (ASX: MFG)
Magellan is one of Australia’s biggest fund managers and continues to see impressive net inflows.
During December 2019 it saw total net inflows of $469 million which included net retail inflows of $282 million and net institutional inflows of $187 million.
However, market volatility saw total funds under management (FUM) fall by around $200 million during the month to $97.52 billion.