ASX 200 jumps 1.35%: Zip inks deal with JB Hi-Fi, Suncorp’s flood update

Pointsbet Holdings Ltd (ASX:PBH) and Zip Co Ltd (ASX:Z1P) shares are on the move on the ASX 200 on Wednesday. Here’s why…

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At lunch on Wednesday the S&P/ASX 200 Index (ASX: XJO) is back on form again and storming higher. The benchmark index is up a sizeable 1.35% to 6,829.4 points.

Here’s what is happening on the market today:

Zip announces deal with JB Hi-Fi

The Zip Co Ltd (ASX: Z1P) share price is edging higher today after announcing a partnership with JB Hi-Fi Limited (ASX: JBH). According to the release, Zip will provide a fully integrated payments solution for both JB HI-FI and The Good Guys. This provides customers with the ability to shop, both in-store and online, and pay with Zip’s interest free BNPL payment solutions. The retailer has not previously offered BNPL options.

PointsBet jumps on broker note

The Pointsbet Holdings Ltd (ASX: PBH) share price is surging higher today after being the subject of a positive broker note out of Goldman Sachs. According to the note, the broker has initiated coverage on the sports betting company with a buy rating and $17.50 price target. Goldman explained: “We see PBH as well-placed to carve out a niche share of the burgeoning US sports betting market, which we forecast to reach US$39 bn at maturity, implying a robust 40% CAGR out to 2033.”

Suncorp update

The Suncorp Group Ltd (ASX: SUN) share price is rising today following the release of an update on its flood claims. The insurance giant estimates it will record $230 million and $250 million in payouts to customers as a result of the floods. This follows the lodging of 7,600 claims to Suncorp’s insurance arm as of midday yesterday. Positively, Suncorp stated that it has a comprehensive reinsurance program to help mitigate its exposure to the flood event and provide protection over the remainder of the financial year.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Wednesday has been the Unibail-Rodamco-Westfield CDI (ASX: URW) share price with a 6.5% gain. This follows a similarly strong gain by its European-listed shares overnight. The worst performer has been the Harvey Norman Holdings Limited (ASX: HVN) share price with a 4% decline. This morning the retail giant’s shares went ex-dividend.

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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and recommends Pointsbet Holdings Ltd. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of ZIPCOLTD FPO. The Motley Fool Australia has recommended Pointsbet Holdings Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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