ASX 200 midday update: Suncorp’s update, Magellan sinks

The ASX 200 has started the week strongly…

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At lunch on Monday, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a strong gain. The benchmark index is currently up 1.4% to 6,630.1 points.

Here’s what is happening on the ASX 200 today:

Suncorp’s update

The Suncorp Group Ltd (ASX: SUN) share price is underperforming on Monday despite confirming that its natural hazard claims were in line with guidance in FY 2022. Suncorp revealed that it dealt with 35 separate events and over 120,000 natural hazard claims, at an expected cost of around $1.1 billion, net of reinsurance recoveries. This is in line with previous guidance and reflected the prevailing La Niña weather pattern.

Magellan shares tumble

The Magellan Financial Group Ltd (ASX: MFG) share price has taken a tumble on Monday. Investors appear to have been selling the fund manager’s shares amid heavy insider selling from co-founder Hamish Douglass. Throughout June, Douglass offloaded approximately 760,000 Magellan shares. They have a current market value in the region of $9.4 million.

Breville completes acquisition

The Breville Group Ltd (ASX: BRG) share price is charging higher today. This follows the announcement of the completion of the LELIT acquisition. The appliance maker is paying a total of $140 million in cash and shares to acquire the premium prosumer home coffee equipment company. Key members of the LELIT management team, including the founders, have joined Breville and its integration is underway.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Monday has been the New Hope Corporation Limited (ASX: NHC) share price with a 6% gain. This follows a rise in the coal price on Friday. Going the other way, the worst performer has been the Pointsbet Holdings Ltd (ASX: PBH) share price with a 6% decline. This may have been driven by profit taking after some strong recent gains.

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 positions in and has recommended Pointsbet Holdings Ltd. 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 Scott Phillips.

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