The Insurance Australia Group Ltd (ASX: IAG) share price outperformed the market on Thursday despite the companyâs 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%.
Letâs 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, todayâs gains might have represented some form of drawn-out rebound.
The share prices of fellow ASX 200 insurers Suncorp Group Ltd (ASX: SUN) and QBE Insurance Group Ltd (ASX: QBE) also lifted 0.65% and 2.03% respectively today.
Additionally, IAGâs home sector â the S&P/ASX 200 Financials Index (ASX: XFJ) â gained 0.7%.
IAG was the financial sectorâs 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, todayâs gain wasn’t enough to bump the IAG share price back into the longer-term green.
Itâs now down 1.35% year to date and has slumped nearly 13% since this time last year.
The post Why did the IAG share price surge 5% on Thursday? appeared first on The Motley Fool Australia.
Wondering where you should invest $1,000 right now?
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.* Scott just revealed what he believes could be the “five best ASX stocks” for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now
See The 5 Stocks
*Returns as of January 12th 2022
(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}
setButtonColorDefaults(“#0095C8”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#0095C8”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()
More reading
- The ASX 200 share ready to bounce from 10-year lows: expert
- Why is the IAG share price smashing the ASX 200 today?
- 2 ‘quality defensive’ ASX shares to see out rising interest rates: Wilsons
- Why is the Suncorp share price cratering today?
- Is the IAG share price a defensive buy amid rising interest rates?
Motley Fool contributor Brooke Cooper 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 PINNACLE FPO and ZIPCOLTD FPO. The Motley Fool Australia has positions in and has recommended Insurance Australia Group Limited and PINNACLE FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
from The Motley Fool Australia https://ift.tt/E42ZSuw
Stock Pick 