The Insurance Australia Group Ltd (ASX: IAG) share price outperformed the market on Thursday despite the company’s silence.
It was joined in the green by many of its S&P/ASX 200 Index (ASX: XJO) insurance peers.
As of Thursday’s close, the IAG share price is $4.40, up 2.8% on its previous close. Throughout the day, it hit a high of $4.51, representing a 5.4% surge.
For context, the ASX 200 gained 0.3% today while the All Ordinaries Index (ASX: XAO) rose 0.1%.
Let’s take a closer look at what might have gone on with the insurance giant and its peers on Thursday.
IAG share price rockets 5%
The IAG share price surged higher today despite no news from it or its direct peers.
The stock hit a near 10-year low of $4.02 last week. Thus, today’s gains might have represented some form of drawn-out rebound.
Additionally, IAG’s home sector – the S&P/ASX 200 Financials Index (ASX: XFJ) – gained 0.7%.
IAG was the financial sector’s third-best performer today. It was beaten by Pinnacle Investment Management Group Ltd (ASX: PNI) and Virgin Money UK CDI (ASX: VUK). They ended the day higher by 3.92% and 3.18% respectively.
Weighing on the ASX 200 financials sector was the Zip Co Ltd (ASX: ZIP) share price. It hit a new multi-year low of 44 cents today.
Unfortunately, today’s gain wasn’t enough to bump the IAG share price back into the longer-term green.
It’s now down 1.35% year to date and has slumped nearly 13% since this time last year.