The ASX 200 (ASX: XJO) is up 0.8% today with some shares jumping higher.
Biggest movers
Some of the ASX 200’s most popular growth shares have gone higher in morning trade.
The SEEK Limited (ASX: SEK) share price is up 9.5%.
The Nearmap Ltd (ASX: NEA) share price went up 5.75%.
The Breville Group Ltd (ASX: BRG) share price is up 4.5%.
The Clinuvel Pharmaceuticals Limited (ASX: CUV) share price is up 4.4%.
The Netwealth Group Ltd (ASX: NWL) share price is also up 4.4%.
At the red end of the ASX 200, the Whitehaven Coal Ltd (ASX: WHC) share price is down 3.6%.
Kogan.com’s (ASX: KGN) big August 2020
In August 2020 the online company saw gross sales rise by more than 117% year on year, which helped gross profit go up by more than 165% year on year.
Adjusted EBITDA (click here to learn what EBITDA means) grew by more than 466% year on year.
Kogan.com said that it was the biggest month of monthly marketing investment in the history of the company. One of the initiatives that Kogan.com is doing is advertising during the primetime viewing TV show, The Block.
Active customers increased by 152,000 over the month to 2.46 million people. This represents the largest monthly increase in the history of the business.
QBE Insurance Group Ltd (ASX: QBE)
QBE said that the High Court of England and Wales yesterday handed down its decision in the test case commenced by the UK Financial Conduct Authority (FCA) in June 2020. The FCA is similar to Australia’s regulator ASIC.
The FCA took on the test case to resolve legal issues about the interpretation of common business interruption policy wordings, including some policy wordings of QBE’s UK operations, in the context of whether those policy wordings respond to COVID-19 and related government mandated nationwide lockdowns.
The UK court ruled in favour of QBE in two of out of three notifiable disease policy wordings examined and in favour of insurers generally in regards to denial of access policy wordings.
However, the court ruled in favour of insureds (meaning, against QBE) for one policy wordings and QBE is considering its options to appeal that decision.
Based on the notified claims affected and individual policy sub-limits, QBE estimates its UK business interruption claims exposure is around $170 million before allowing for recoveries under its catastrophe reinsurance protections.
QBE believes the catastrophe reinsurance will limit the net cost claims to $70 million which formed part of the $335 million net cost of COVID-19 in its recent FY20 half year result.
Other news
The team over at Rask Media have covered the rest of today’s news, so make sure you head over there for more ASX share market coverage.
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