Australian insurance stocks rose on Monday as ex-Tropical Cyclone Alfred was downgraded to a tropical low over the weekend. Despite an expected rise in claims, investors appeared to respond positively, with major insurers posting gains.
Suncorp led the sector’s gains, climbing 3.1% to $19.31—its largest intraday increase since Feb. 20. Insurance Australia Group (IAG), which owns CGU and SGIO, rose 1.3%, while QBE gained 1.2% during trade.
The broader ASX 200 also edged higher, closing 0.2% up at 7,962 points as the market recovered from last week’s six-month low. The Australian dollar rose slightly by 0.1% to 63.11 US cents.
In other markets, gold prices held steady at US$2,910 per ounce, while Brent crude fell 0.6% to US$69.96 per barrel. Iron ore dipped 0.1% to US$100.30 per tonne, and Bitcoin saw a sharp decline of 4.3%, trading at US$82,540.
