SUN slipped 2.9% on Wednesday, underperforming its peers, who all closed lower. The prospect of lower interest rates moving forward did not help. Following the sale of its banking arm to ANZ, this insurer can focus on what it does best, but lower interest rates are not ideal for insurance companies that hold their premiums in interest-bearing bonds ahead of claims.
- We only like the risk/reward towards SUN under $17, still over 10% away.
MM is neutral towards SUN
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