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ASX 200 lunch update: IAG, Northern Star, & Westpac higher

James Mickleboro
share market prices

At lunch on Friday the S&P/ASX 200 index is on course to finish the week on a very positive note. At the time of writing the benchmark index is up 1.25% to 6,773.6 points.

Here’s what has been happening on the market today:

Insurance Australia Group bushfire update.        

The Insurance Australia Group Ltd (ASX: IAG) share price is pushing higher on Friday. This morning the insurance company revealed that it has received over 2,800 bushfire-related claims since the beginning of September. Due to this and severe hailstorm events in Queensland and New Zealand in November, it expects its net natural peril claim costs for the first half to be ~$400 million post-quota share. This compares to its perils allowance of $320 million.

Northern Star completes Super Pit acquisition.

The Northern Star Resources Ltd (ASX: NST) share price looks set to end the week on a high after completing its Super Pit acquisition. Northern Star paid a total of US$800 million to Newmont Goldcorp Corporation and will now co-own the highly rated gold mine with Saracen Mineral Holdings Limited (ASX: SAR).

Bank shares higher.

The big four banks are on course to finish the week on a positive note. All four banks are up over 1% at the time of writing. The best performer in the group at lunch is the Westpac Banking Corp (ASX: WBC) share price with a gain of 1.35%.

Best and worst performers.

The best performer on the ASX 200 at lunch is the News Corp (ASX: NWS) share price with a gain of 3.5%. This follows reports that one of its shareholders, L1 Capital, believes there could be upside of 50% to its current share price. Going the other way is the Evolution Mining Ltd (ASX: EVN) share price with a 2% decline. On Thursday a notice revealed that La Mancha Group had sold down its stake in the gold miner from 7.65% to 6.64%.

The post ASX 200 lunch update: IAG, Northern Star, & Westpac higher appeared first on Motley Fool Australia.

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Motley Fool contributor James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia owns shares of Insurance Australia Group Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The Motley Fool's purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 2020