What is Happening to the Suncorp Share Price?

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What is Happening to Suncorp Share Price?

The one-year return from shares in Suncorp Group Limited [ASX:SUN] is 19.3% as of the start of today’s trade. Suncorp is a Queensland based company operating in general insurance, banking, life insurance and superannuation.

Why Did This Happen to Suncorp Shares?

The company, according to today’s Australian Financial Review, credits a lot of this to outgoing CEO Patrick Snowball’s ‘strong turnaround’. He has been running the company for six years. The company announced his resignation from the role this week and the appointment of his replacement, Michael Cameron.

What Now for Suncorp Group Limited?

The company is certainly one to watch. However, some time will be needed to see the direction the company takes under its new leadership and how the market reacts.

Several brokers are speculating that the company may divest some of its current divisions that are generating a low return.

According to the ASX announcement, new boss Mr Cameron ‘has more than 30 years’ experience in finance and business having held senior leadership roles with St. George Bank, Commonwealth Bank, National Australia Bank, MLC, Lend Lease and Barclays.

Callum Newman
Editor, The Daily Reckoning

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Callum Newman

Callum Newman

Callum Newman is the editor of The Daily Reckoning and Associate Editor of Cycles, Trends and Forecasts. He also hosts The Daily Reckoning Podcast. Originally graduating with a degree in Communications, Callum decided financial markets were far more fascinating than anything Marshall McLuhan (the ‘medium is the message’) ever came up with. Today Callum spends his day reading and researching why currencies, commodities and stocks move like they do. So far he’s discovered it’s often in a way you least expect. To have Callum’s thoughts and insights on the current state of the currency, commodities and stock markets delivered straight to your inbox, take out a free subscription to The Daily Reckoning here.

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