Stocks of the Hour: Suncorp, Transurban & Westpac

Company News

by Lauren Evans

Insurance company Suncorp (ASX:SUN) reports a strong year with cash earnings of $1,064 million for FY21, up 42.1 per cent from the prior year. The improvement was driven by increased profit in Insurance Australia and Suncorp Bank. Shares in Suncorp Group (ASX:SUN) are trading 8.4 per cent higher at $12.85.

Transurban Group (ASX:TCL) reports a decline in FY21. Traffic declined by 9 per cent from FY19, following Covid-19 disruptions across all markets, with Melbourne and Greater Washington most affected. Shares in Transurban Group (ASX:TCL) are trading 2.3 per cent lower at $13.98.

Westpac (ASX:WBC) is set to sell its Australian life insurance business to TAL Dai-ichi Life Australia (TAL) for $900 million and enter a 20-year alliance for Westpac’s Australian customers to receive life insurance products. Shares in Westpac Banking Corporation (ASX:WBC) are trading 1.4 per cent higher at $25.47.

 

Are you a 708 sophisticated investor?

A sophisticated investor is defined under Section 708 of the Corporations Act (net assets of $2.5 million or annual incomes in excess of $250,000).

They are eligible to receive information regarding wholesale investment opportunities that are not available to regular or retail investors.

Please subscribe if you would like to be alerted to these types of opportunities.