Stocks of the Hour: Ampol, Star Entertainment, Suncorp

Company News

by Lauren Evans

Petrol giant Ampol (ASX:ALD) has finally won over its deal to acquire New Zealand’s Z Energy (ASX:ZEL), after months of take-over talks. Under the binding agreement, Ampol will acquire 100 per cent of Z Energy shares at NZ $3.78 per share. Shares in Ampol (ASX:ALD) are trading 2.8 per cent higher at $29.98.

Casino operator Star Entertainment (ASX:SGR) has responded to recent media reports, claiming that a number of allegations made against the company are “misleading”. Star said it will address all allegations with state and federal authorities. Shares in Star Entertainment Group (ASX:SGR) are trading 21.3 per cent lower at $3.37.

Major insurers Suncorp (ASX:SUN) and Insurance Australia (ASX:IAG) have both provided updates on their “business interruption” cases, in relation to the Covid-19 pandemic. Suncorp acknowledged the Federal Court of Australia’s decision on the Insurance Council of Australia’s second industry test case, handed down last Friday. The ruling found that the insuring clauses were not triggered in eight of the nine matters. Shares in Suncorp Group (ASX:SUN) are trading 0.6 per cent higher at $12.77.

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