Stocks of the Hour: Insurance Australia, Rio Tinto, Qantas & Pendal

Company News

by Lauren Evans

Insurance Australia Group (ASX:IAG) were penalised in the Federal Court yesterday after failing to pass on the full amount of discounts to NRMA home, motor, caravan and boat insurance customers between 2014 and 2019. Shares in Insurance Australia Group (ASX:IAG) are trading 2.8 per cent lower at $4.94.

Mining giant Rio Tinto (ASX:RIO) has cut FY22 iron ore production guidance following a “difficult” September quarter. Rio now expect to ship between 320 to 325 million tonnes in FY22, versus prior guidance between 325 to 340 million tonnes. Shares in Rio Tinto (ASX:RIO) are trading 1.1 per cent lower at $99.45.

Qantas Airways (ASX:QAN) is offloading 13.8 hectares of land in Mascot to LOGOS Property for $802 million. The funds will be used to reduce debt and accelerate the airline’s recovery. Shares in Qantas (ASX:QAN) are trading 2.2 per cent higher at $5.70.

The acquisition of Thompson, Siegal & Walmsley helped boost fund manager Pendal's (ASX:PDL) funds under management to $139.2 billion in the September quarter. The fund manager saw a 30.5 per cent jump from June and attributed the acquisition to be one of the main contributors to the rise. Despite the positive results, the figures came in below expectations. Shares in Pendal (ASX:PDL) are trading 12.8 per cent lower at $6.74.

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