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The Woodside Petroleum Limited (ASX: WPL) share price is slipping today amid news the price of oil plunged last night.  

On Sunday (Monday AEST), OPEC announced it will be adding more oil supplies to the global market.

As The Motley Fool Australia reported earlier today, the WTI crude oil price flopped 7.6% overnight to reach US$66.34 a barrel, while the Brent crude oil price fell 6.9% to hit US$68.52 a barrel.

Woodside Petroleum’s shares have moved in tangent, tumbling 1.81% to trade for $21.92 at the time of writing.

Let’s take a closer look at how the OPEC decision is affecting the Woodside Petroleum share price today.

Price of oil falls

The Woodside Petroleum share price is tracking downwards today as the price of oil reacts to news supply will be increased.

According to reporting by Bloomberg, OPEC has agreed to increase its output of oil by 40,000 barrels per day every month from August.

Doing so will reverse the current production cuts on the fossil fuel by September 2022. Right now, OPEC is withholding 5.8 million barrels of oil a day.  

Sunday’s surprise announcement from OPEC follows a truce between Saudi Arabia and the United Arab Emirates. The two nations had previously disagreed on appropriate supply levels.

Woodside Petroleum is the largest producer of oil and gas in Australia. The squeeze on oil output had benefited the company by sending the price of oil skyrocketing in recent months.

Its share price has tracked roughly alongside the price of oil’s dramatic falls and climbs throughout the pandemic. Today looks to be no different.

Woodside Petroleum share price snapshot

The Woodside Petroleum share price has had a rough ride lately.

Right now, it is 5% lower than it was at the start of 2021. However, it is currently 9% higher than it was this time last year.

The company has a market capitalisation of around $21 billion, with approximately 963 million shares outstanding.  

The post Why the Woodside Petroleum (ASX:WPL) share price is falling on Tuesday appeared first on The Motley Fool Australia.

More reading

• What happened on the US stock market overnight and how could it impact ASX shares?
• ASX energy shares on watch after oil prices sink 8%
• 5 things to watch on the ASX 200 on Tuesday
• ASX energy shares in focus as OPEC+ strikes deal to lift oil production
• ASX 200 Weekly Wrap: ASX shakes off lockdowns to rise higher

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 no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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The iCar Asia Ltd (ASX: ICQ) share price is tumbling during Tuesday’s session. This comes after the online car platform owner released an announcement to the market earlier.

At the time of writing, the iCar share price is trading 7.81% lower at 44.25 cents, having hit an intra-day low of 42.5 cents earlier.

Here’s what iCar announced and why investors are jumping out.

iCar share price drops on takeover update

Shares in iCar have taken a tumble after the company provided an update on its takeover offer from Carsome. Prior to this morning’s open, iCar announced it has agreed to provide due diligence access to Carsome.

The company’s board cited the decision in order to progress Carsome’s binding acquisition transaction for iCar shares.

After submitting a conditional, non-binding acquisition proposal last week, Carsome had requested a period to undertake its confirmatory due diligence.

iCar’s board reiterated that the proposal remains subject to a number of conditions, including completion of due diligence by Carsome.

In addition to due diligence granted to Carsome, iCar also updated shareholders on its discussions with Autohome Inc.

Late last year, US company Autohome launched a takeover bid for iCar at 50 cents per share. According to today’s announcement, Autohome has decided to terminate discussions in relation to its acquisition of iCar.

More on iCar’s proposed takeover

iCar owns and operates a network of automotive portals and online marketplaces. The company currently operates in Malaysia, Indonesia and Thailand.

Last week, the iCar share price enjoyed a huge boost after the company received a conditional, non-binding indicative proposal from Carsome.

Carsome, a private business based in Singapore, offered to buy all shares in iCar it doesn’t already own for 55 cents per share cash.

Under the proposal, Carsome will buy 89.4 million iCar shares from digital investment group Catcha Investment Corp. Carsome will then pay Catcha with newly issued Carsome shares.

At 55 cents per share, Carsome has valued iCar at around $243 million.

The proposal saw iCar shares rocket around 41% on the day.

Since the start of the year, shares in iCar have soared by almost 19% including today’s price action.  

The post Here’s why the iCar (ASX:ICQ) share price is tumbling 8% today appeared first on The Motley Fool Australia.

More reading

• Here’s why the iCar Asia (ASX:ICQ) share price is up 41%

Motley Fool contributor Nikhil Gangaram has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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Bitcoin (CRYPTO: BTC), and cryptocurrencies by extension, are one of the most controversial asset classes that have ever existed. Those who are bullish on Bitcoin are unabashedly and decisively so.

You’ll frequently hear things like: “One day everyone will be paying with Bitcoin”. Or: “You can’t afford not to have Bitcoin in your portfolio” from this camp.

On the other side of the coin (pardon the pun), there are those who think Bitcoin is a con, a ruse or a scam (not necessarily in that order). You’ll hear this ‘bear camp’ say things like: “Bitcoin is useless”. Or: “It has no intrinsic value”.

Both sides have heavy hitters in their column. Bitcoin’s bulls include famous investors like Robert Kiyosaki, Ray Dalio and (occasionally) Elon Musk. On the other hand, those who have decried Bitcoin and cryptocurrencies include the great Waren Buffett and Charlie Munger.

So who’s right? Unfortunate, this is one of those things that will be proven with hindsight one day. A perspective, unfortunately, not yet available.

But today, we can add one famous fund manager to the doubters’ list.

Magellan’s Hamish Douglass says Bitcoin ‘going to zero’

Hamish Douglass is one of the most famous and successful fund managers in Australia. He’s the chief investment officer of Magellan Financial Group Ltd ( ASX: MFG), the ASX’s largest public asset/fund manager. Mr Douglass’ views on everything from tech to the state of the share market are frequently sought after.

That’s why it’s so fascinating to see him come out so brusquely against Bitcoin.

According to a report in the Australian Financial Review this week, Mr Douglass is firmly in that latter camp. He told the AFR that cryptocurrencies are “one of the greatest mass delusions in modern history”.

He also said that the currencies, including Bitcoin, are destined for an ultimate value of zero:

Cryptocurrencies, I have to say, are one of the greatest irrationalities I’ve seen in a very, very long period of time because of the cult-like following it has behind it and the scale that is behind it…

There are millions and millions of people participating. Some of the people, they’ve never invested before and the only bandwagon they’ve ever got on is the cryptocurrency bandwagon and it’s almost like a religion.

Far from seeing any value in cryptos like Bitcoin, Douglass instead labels them as part of the “areas of reckless speculation” that are currently present in global markets.

He points to the recent share price performances of ‘meme stocks’ like Tesla Inc (NASDAQ: TSLA), GameStop Corp (NYSE: GME) and AMC Entertainment Holdings Inc (NYSE: AMC) as other examples. He says Bitcoin is no different with “zero intrinsic value” and is tipping a sad end:

I can’t tell you when that will happen by the way. It could happen shortly, it could happen quite some time into the future … I think when we look back in 20 years it will be the case study of the irrationality.

A collapse could spark “contagion”

Even though Mr Douglass (as you might expect) doesn’t hold cryptocurrencies like Bitcoin in any Magellan funds, he is still worried about the broader consequences that may occur if investors see a collapse.

He warned the AFR that we could see “a contagious hit to sentiment” if the risk from cryptocurrencies keeps “ballooning”, foreseeing a “contagion in the event of a collapse [hurting] broader investor confidence and [upending] markets”.

Something to note if you’re an investor in cryptocurrencies.

The post This top ASX fundie reckons Bitcoin is going to zero appeared first on The Motley Fool Australia.

More reading

• Bitcoin is worthless… but maybe priceless?
• Down 7% over the week, will Bitcoin find a floor at US$30,000?
• Aussie startup set to launch first Bitcoin (CRYPTO:BTC) payment card with Visa
• 2 ASX 200 blue chip shares that might be the best to buy
• 75% of Aussies think the Bitcoin (CRYPTO:BTC) bubble will burst

Motley Fool contributor Sebastian Bowen owns shares of Bitcoin and Tesla. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Bitcoin and Tesla. The Motley Fool Australia has no position in any of the stocks mentioned. 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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The Antipa Minerals Ltd (ASX: AZY) share price is surging today, up 6.38% after gaining more than 9% in earlier trading. At the time of writing, Antipa shares are changing hands for 5 cents.

Below, we look at the ASX resource explorer’s latest drill results.

What assay results did Antipa report?

The Antipa Minerals share price is soaring after the company reported promising gold results from the remaining first-batch assays of its 2021 drill campaign. Antipa is exploring on its 100%-owned Minyari Dome Project in Western Australia.

The company has now received full assay results for the 11 reverse circulation drill holes from the campaign. These total 3,282 metres.

It said the results prove there are “significant zones of very high‐grade gold‐copper‐silver‐cobalt mineralisation” outside the existing Minyari deposit boundary.

Antipa also highlighted its discovery of new high‐grade gold‐copper mineralisation at Minyari East. It said this extended the overall width of the Minyari mineralisation envelope to roughly 275 metres.

Commenting on the latest batch of results, Antipa’s managing director Roger Mason said:

These exciting 21MYC0216 results confirm the potential for significant resource growth at the Minyari deposit as well as potential for a stand‐alone development opportunity based on an open pit and underground mining operation that is close to Telfer.

We are in the middle of the most active drilling year in Antipa’s history with nine rigs currently drilling across our four Paterson Province projects and we are delighted with the early success of this year’s program to date.

Looking ahead, the company said it would update the market as new drill samples are batched and dispatched for assay.

Antipa Minerals share price snapshot

Over the past 12 months the Antipa Minerals share price has gained 25%. That is largely in line with the 24% gains by the All Ordinaries Index (ASX: XAO) over that same time.

Year to date Antipa Minerals shares are also up 25%.

The post Why the Antipa Minerals (ASX:AZY) share price is surging today appeared first on The Motley Fool Australia.

More reading

• Why Afterpay, ANZ, JB Hi-Fi, & Zip shares are pushing higher
• Why the BHP (ASX:BHP) share price is down 4% this week
• Up 6%, the Zip (ASX:Z1P) share price is surging. Here’s why
• Why the Grange Resources (ASX:GRR) share price is up 7% today
• Oil Search (ASX:OSH) share price jumps 6% after rejecting takeover bid

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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The S&P/ASX 200 Index (ASX: XJO) has fought back valiantly from a morning selloff and is now trading only modestly lower. In afternoon trade, the benchmark index is down 0.1% to 7,276.8 points.

Four ASX shares that are not letting that hold them back are listed below. Here’s why they are pushing higher:

Afterpay Ltd (ASX: APT)

The Afterpay share price is up 3% to $108.35. Investors have been buying this payments company’s shares after it announced the rollout of its Money by Afterpay app. The app will initially be rolled out to Australian staff, followed by a full Australian customer launch in October. It will provide users with a 1% per annum interest rate on savings accounts, as well as a daily account with a physical debit card, digital wallet offerings, and the ability to easily make and receive real time payments.

Australia and New Zealand Banking GrpLtd (ASX: ANZ)

The ANZ share price is up 1.5% to $27.53. The catalyst for this was the banking giant’s announcement of a $1.5 billion on-market share buy-back. ANZ’s Chief Executive Officer, Shayne Elliott, advised that the bank considered the current lockdowns when making the decision to undertake the buy-back. The bank also revealed that further capital returns will be considered.

JB Hi-Fi Limited (ASX: JBH)

The JB Hi-Fi share price is up over 2% to $48.74. This follows the release of the retail giant’s full year update. According to the release, JB Hi-Fi reported a 12.6% increase in total sales to $8.9 billion in FY 2021. And thanks to operating leverage, it expects to report a net profit after tax of $506.1 million. This represents an increase of 67.4% year on year.

Zip Co Ltd (ASX: Z1P)

The Zip share price has stormed 5% higher to $7.39. This is despite there being no news out of the buy now pay later provider. However, with its shares falling heavily over the last 30 days, this gain could have been driven by bargain hunters swooping in.

The post Why Afterpay, ANZ, JB Hi-Fi, & Zip shares are pushing higher appeared first on The Motley Fool Australia.

More reading

• Up 6%, the Zip (ASX:Z1P) share price is surging. Here’s why
• ANZ’s (ASX:ANZ) $1.5bn buyback puts other ASX 200 banks under capital return spotlight
• ASX 200 midday update: Oil Search rejects Santos merger proposal, Afterpay rolls out Money app
• Afterpay (ASX:APT) share price is higher despite the sharp ASX 200 selloff
• JB Hi-Fi (ASX: JBH) share price higher after beating expectations in FY 2021

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. owns shares of and has recommended AFTERPAY T FPO and ZIPCOLTD FPO. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO. 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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The BHP Group Ltd (ASX: BHP) share price is sliding on Tuesday, following the release of its fourth quarter and full-year operational update.

Shares in the iron ore major finished last week on a high note, marking a record high on Friday of $51.91.

However, this week has proven to be challenging for BHP shares, slipping 4.6% to $49.52.

Overnight selloff drives the BHP share price lower on Tuesday

Major US indices fell overnight with the Dow Jones Industrial Average Index (DJX: .DJI), S&P 500 Index (SP: .INX) and Nasdaq Composite (NASDAQ: .IXIC) sliding 2.09%, 1.59% and 1.06% respectively.

According to CNBC, the rebound in COVID-19 cases in the United States and the delta variant has sparked fears that global economic growth would slow.

CNBC reported that “key stocks linked to global economic growth” fell overnight, with high-profile US shares such as Boeing, General Motors and Caterpillar sliding 4.94%, 4.38% and 2.34% respectively.

The BHP share price is also listed on the New York Stock Exchange, where its counterpart slipped 2.79% overnight to US$72.34.

BHP delivers a solid full year update

Despite the BHP share price losing ground on Tuesday, the company delivered a solid fourth quarter and full-year operational update.

BHP Chief Executive Officer Mike Henry said in response to the results:

We achieved production records at our Western Australia iron ore operations and the Goonyella Riverside metallurgical coal mine in Queensland.

South Flank, the largest and one of the most technically advanced iron ore mines in Australia, began production in May and will boost the overall quality of BHP’s iron ore product suite.

BHP is in great shape. Our operations are performing well, we continue our track record of disciplined capital allocation, and our portfolio is positively leveraged to the megatrends of decarbonisation, electrification and population growth.

What about iron ore prices?

According to Market Index, iron ore spot prices have remained firm overnight, fetching US$219.5/tonne.

Elsewhere, Chinese iron ore futures on the Dalian Commodity Exchange opened 1.2% lower, just shy of 1,220 yuan or US$187/tonne.

BHP share price snapshot

The BHP share price has moved broadly in line with the S&P/ASX 200 Index (ASX: XJO) year to date, up 16.8% and 10.4% respectively.

Looking ahead, Macquarie is bullish on the medium-term outlook for BHP shares, with an outperform rating and $63.00 target price.

The post Why the BHP (ASX:BHP) share price is down 4% this week appeared first on The Motley Fool Australia.

More reading

• ASX 200 midday update: Oil Search rejects Santos merger proposal, Afterpay rolls out Money app
• Nuix (ASX:NXL) share price plunges 7% in 7 days
• BHP (ASX:BHP) share price in focus after strong FY 2021 performance
• 5 things to watch on the ASX 200 on Tuesday
• ASX 200 Weekly Wrap: ASX shakes off lockdowns to rise higher

Motley Fool contributor Kerry Sun has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Macquarie Group Limited. 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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The Zip Co Ltd (ASX: Z1P) share price appears to be defying expectations today, currently rallying by 5.97% to $7.45.

This follows a sharp selloff on Wall Street overnight. The tech-heavy Nasdaq Composite (NASDAQ: .IXIC) fell 1.06% and US-listed buy now, pay later (BNPL) share Affirm Holdings Inc was down by 2.85%.

Why the Zip share price is bouncing

Big players eyeing Zip shares

On Monday, a change in substantial holding announcement revealed that Bank of America Corp had increased its stake in Zip from 6.15% to 7.45%.

Bank of America has had a longstanding relationship with Zip, acting as its financial advisor and placement agent during the company’s QuadPay acquisition.

The major US bank also played a part in assisting Zip with its $400 million convertible bond raising.

Bank of America’s initial 6.15% stake was announced back in April this year.

It was also just two weeks ago the Australian Financial Review speculated that Swedish BNPL provider Klarna had accumulated a 4% stake in Zip as well.

The Klarna news witnessed a 21.98% surge in the Zip share price between 7 and 8 June.

BNPL shares bounce back

Most ASX-listed BNPL shares tumbled more than 10% last week when news broke about Apple Inc potentially launching its own BNPL service and PayPal Holdings Inc‘s plans not to charge any late fees for its BNPL services.

After a grim performance last week, BNPL shares are bouncing back today. In addition to the surging Zip share price, Afterpay Ltd (ASX: APT) shares are also up by 2.57% at the time of writing.

The Sezzle Inc (ASX: SZL) share price has bounced off session lows, but is still down 0.73% to $8.17.

Quarterly update on the horizon

In the past, Zip typically delivers its fourth-quarter results in the latter half of July.

The last time we heard a meaningful update from Zip was its third-quarter results on 13 April which was followed by a $400 million notes offering to fund the company for growth. The Zip share price rocketed almost 17% higher on the day the company’s record results were released.

The post Up 6%, the Zip (ASX:Z1P) share price is surging. Here’s why appeared first on The Motley Fool Australia.

More reading

• ASX 200 midday update: Oil Search rejects Santos merger proposal, Afterpay rolls out Money app
• These are the 10 most shorted ASX shares
• ASX 200 Weekly Wrap: ASX shakes off lockdowns to rise higher
• These were the worst performing ASX 200 shares last week
• How has the Afterpay (ASX:APT) share price responded to competition in the past?

Bank of America is an advertising partner of The Ascent, a Motley Fool company. Motley Fool contributor Kerry Sun has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended AFTERPAY T FPO, Affirm Holdings, Inc., Apple, PayPal Holdings, and ZIPCOLTD FPO. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended the following options: long January 2022 $75 calls on PayPal Holdings, long March 2023 $120 calls on Apple, and short March 2023 $130 calls on Apple. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO. The Motley Fool Australia has recommended Apple and PayPal Holdings. 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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The Grange Resources Limited (ASX: GRR) share price is gaining today after the company released its latest quarterly report.

Within the report, Grange Resources said the average price it received for its iron ore products increased by 25.5% over the quarter ended 30 June 2021 and its operations were unhindered by COVID-19.

Currently, the Grange Resources share price is 86.5 cents. That’s 7.45% higher than its previous close of 81 cents.

Let’s take a closer look at today’s news from the mineral resource developer and iron ore miner.

Financial and operational performance

The quarterly report stated the average price Grange Resources received for its products increased to US$287.15 per tonne over the June quarter. That’s up from US$228.52 per tonne in the quarter prior.

Its production of concentrate materials also increased to 677 kilotons. That’s up from 529 kilotons in the March quarter.

The company’s pellet sales also increased to 653 kilotons for the quarter – 97 kilotons more than it sold in the March quarter.

On top of increased sales and prices, the company’s operating costs decreased by 20% to $90.16 per tonne.

Grange Resources has ended the period with cash and liquid investments valued at $416.4 million.

What else has Grange been up to?

Over the quarter just been, Grange has been working towards upgrading and developing its operations in northern Tasmania.

It also received environmental approval to mine the remaining area of its centre pit and installed safety controls to minimise rockfalls at its north pit.

Over the June quarter, Grange Resources upgraded its rougher magnetic separators for the first time in 53 years.

Finally, the company spent $10.1 million on equipment and upgrades over the 3 months just gone.

Grange Resources share price snapshot

Today’s gains have boosted the Grange Resource share price even higher.

Right now, shares in Grange Resources are up 188% year to date. They’re also 246% higher than they were this time last year.

The company has a market capitalisation of around $931 million, with approximately 1.1 billion shares outstanding.

The post Why the Grange Resources (ASX:GRR) share price is up 7% today appeared first on The Motley Fool Australia.

More reading

• Why the Grange Resources (ASX:GRR) share price is up 27% in a week

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 no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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The Oil Search Ltd (ASX: OSH) share price has jumped well into the green this morning.

The jump comes after it received a change of control proposal that was confirmed in an announcement today.

Here are the details.

Oil Search rejects takeover offer

The Oil Search share price has had a choppy start to the week.

Its share price fell on Monday following the sudden resignation of its chief executive on Monday and amid volatile oil prices.

Today’s announcement confirms that on 25 June, Australian energy giant Santos Ltd (ASX: STO) submitted a “confidential, non-binding indicative all-scrip merger proposal to the Oil Search Board”.

Santos confirmed in an announcement today that the offer implied a transaction price of $4.25 per share “based on Santos’ closing price on 24 June 2021”.

The offer, therefore, represents a 12.3% premium to Oil Search’s closing share price on that day.

However, Oil Search “noted that the proposal did not offer appropriate value for Oil Search shareholders or a basis on which discussions could be progressed”.

As such, Oil Search rejected the takeover offer under the terms stipulated by Santos at this time.

Nonetheless, Santos has put forward the “prospect of a genuine merger”. To this, Oil Search has stated:

The strategic rationale for a merger is clear and offers superior value to Oil Search shareholders rather than continuing on a standalone basis.

It’s clear there will be more on this story in the future.

Investors have rewarded the company on its decision, pushing the Oil Search share price north 5.72% into the green.

Oil Search shares are now changing hands at $3.88 apiece, 74 cents off the 52-week high of $4.62.

Oil Search share price snapshot

The Oil Search share price has had a choppy year to date, posting a return of 4.1% since January 1. This has extended the previous 12 months’ return of ~28%.

Whilst Oil Search shares have lagged the S&P/ASX 200 Index (ASX: XJO)’s return so far in 2021, it has beaten the broad index’s return of ~21% over the past year.

At the time of writing, Oil Search has a market capitalisation of $7.6 billion.

The post Oil Search (ASX:OSH) share price jumps 6% after rejecting takeover bid appeared first on The Motley Fool Australia.

More reading

• ASX 200 midday update: Oil Search rejects Santos merger proposal, Afterpay rolls out Money app
• Santos (ASX:STO) share price lower after Oil Search rejects merger proposal
• What happened on the US stock market overnight and how could it impact ASX shares?
• Oil Search (ASX:OSH) share price in focus after revealing takeover approach
• ASX energy shares on watch after oil prices sink 8%

The author Zach Bristow has no positions in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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The Insurance Australia Group Ltd (ASX: IAG) share price is lifting today. This follows an announcement from the insurance company regarding the appointment of a new chief insurance and strategy officer.

At the time of writing, the IAG share price is up by 0.52% to $4.85 per share. The company’s shares have recovered from a fall at the open. At one point shares were trading 2.48% lower at $4.71.

Appointment made in new role

Australia and New Zealand’s largest general insurance company released an announcement to the ASX today.

According to the release, Mr Tim Plant has been appointed as chief insurance and strategy officer. This is a newly created role that will involve group governance responsibilities across underwriting, claims, and customer experience.

Furthermore, Mr Plant will start in the position before the end of the year. The former Zurich chief executive officer joins IAG with 30 years of experience in the general insurance industry. The lengthy track record might have shareholders optimistic for the future of the IAG share price.

Commenting on the appointment, IAG managing director and CEO Nick Hawkins said:

Tim brings a considerable depth of underwriting and insurance experience, as well as a deep understanding of customer needs through his leadership roles in the Australian and New Zealand general insurance markets. Tim’s experience will further bolster IAG’s leadership and I look forward to welcoming Tim to the team.

Shares in the insurance company have had a mixed day so far, but are currently trading 0.52% higher. For context the S&P/ASX 200 Index (ASX: XJO) is 0.11% lower at the time of writing.

Other IAG share price shifting news

Investors are possibly still feeling tremours from yesterday’s update on a potential asset sale. The IAG share price slipped 2% before the company announced a potential sale of its interest in Malaysian business, AmGeneral Holdings Berhad, after the market closed.

Pending regulatory processes and approvals, IAG could bag $340 million in cash during the financial year. However, the insurance company expects to incur a loss on sale of roughly $901 million. As a result, it intends to realise this loss as amortisation and impairment in its FY21 results.

Despite today’s gain, the IAG share price is down more than 7% over the last month.

The post IAG (ASX:IAG) share price climbs on new leadership appointment appeared first on The Motley Fool Australia.

More reading

• Here’s why the IAG (ASX:IAG) share price is down 7% this last month
• IAG (ASX:IAG) share price on watch following asset sale update
• Brokers using the lockdown to upgrade earnings forecasts on these ASX 200 shares
• What’s weighing down the IAG (ASX:IAG) share price lately?
• It’s been a tough month for the IAG (ASX:IAG) share price so far

Motley Fool contributor Mitchell Lawler has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Insurance Australia Group Limited. 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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