QBE Insurance Group Ltd (ASX: QBE) shares led the ALL ORDINARIES (INDEXASX: XAO)(ASX: XAO) index to a higher finish on Wednesday.
All Ordinaries: up 0.3%
ASX 200: up 0.3%
Here are the shares which moved the market.
Biggest Gainers
- QBE Insurance Group Ltd – up 5.4%
- Cochlear Limited (ASX: COH) – up 3.5%
- A2 Milk Company Ltd (Australia) (ASX: A2M) – up 2.8%
Biggest Losers
- TPG Telecom Ltd (ASX: TPM) – down 1.5%
- Commonwealth Bank of Australia (ASX: CBA) – down 0.8%
- Clearview Wealth Ltd (ASX: CVW) – down 8.6%
QBE Insurance shares staged a comeback after falling yesterday. In an ASX announcement on Tuesday, QBE revealed that is expects to report a $1.2 billion loss in February.
QBE blamed weather-related events and two “one off” items for the loss.
“This has been a challenging year for QBE, reflecting an unprecedented cost of catastrophes as well as the particularly disappointing deterioration in our emerging markets businesses,” CEO Pat Regan said. Read more here.
Amongst the Big Four banks, Commbank shares fell 0.8% today while Westpac Banking Corp (ASX: WBC) shares nudged 0.4% higher.
Making news today was an announcement by the financial services regulator, ASIC, which said Commbank would be fined $1.9 million after five of its financial planners gave inappropriate advice to clients and suffered a loss. Read more here. It comes at a time when the banking and finance industry is facing a Royal Commission.
Shares of junior tech company GetSwift Ltd (ASX: GSW) were suspended from trading today as it deals with the implications of a report produced by Fairfax Media Limited (ASX: FXJ) over the weekend. According to the report, GetSwift may not have secured multi-year deals with some major customers and failed to inform the market. Read more here.
Finally, shares of food and milk businesses such as Freedom Foods Group Ltd (ASX: FNP) and a2 Milk rallied today despite no news from either company.
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