Australia's Ensurance rises on deal to sell UK operations

PSC Insurance

22/07/2022 03:54

** Shares of insurance firm Ensurance Ltd  ENA.AX  rise as
much as 6.4% to A$0.250 - on track for best session since July
13, if gains hold
    ** Co enters https://www.asx.com.au/asxpdf/20220722/pdf/45c2fpptt0r60g.pdf
 into a non-binding agreement to sell its UK operations to
insurance intermediary business PSC Insurance Group  PSI.AX  for
A$8.2 mln ($5.67 mln)
    ** Says sale is aimed at enabling co to capitalise on its
growth opportunities in the Australian market
    ** Stock touches highest level since July 14
    ** More than 300,000 shares change hands, vs the 30-day
average of about 36,000 shares 
    ** ENA on track to lose 8% this week and mark its worst week
since April 1    
    ** As of last close, ENA up ~9.3% YTD
    
($1 = 1.4455 Australian dollars)

 (Reporting by Upasana Singh in Bengaluru)
 ((Upasana.Singh@thomsonreuters.com))