The QBE Insurance Group Ltd (ASX: QBE) share price will be in focus today after the shares were slammed on Wednesday. The broader market plummeted 91 points as well, with a small rebound anticipated this morning; the futures market is pointing to an 18-point rise at the open.
Here's a quick recap:
- FTSE 100 (UK): down 0.33%
- DAX (Germany): down 0.32%
- CAC 40 (France): down 0.37%
- Dow Jones (USA): down 0.27%
- NASDAQ (USA): up 0.74%
The QBE Insurance Group share price came under fire on Wednesday, shedding more than 10% after it said it had experienced significantly higher claims expenses in its Emerging Markets division. As quoted by The Australian Financial Review, David Spotswood from Shaw & Partners said:
"It is another stuff-up by QBE. The management, their track record is in tatters. They have got a 20-year track record of missing numbers and making mistakes."
The Yowie Group Ltd (ASX: YOW) share price came under fire as well following a downgrade. The shares ended the session 4.7% lower at 30.5 cents with investors becoming increasingly impatient with the company.
The BHP Billiton Limited (ASX: BHP) share price was sold down by investors as oil prices continued to slide. Oil fell another 2.6% overnight to less than US$45 a barrel, which could continue to weigh on BHP, as well as other energy plays such as Santos Ltd (ASX: STO), Woodside Petroleum Limited (ASX: WPL) and Senex Energy Ltd (ASX: SXY).
The iron ore price rose 0.7%, according to The Metal Bulletin, and gold was up 0.3%.
Elsewhere, the banks could also receive some attention today. The National Australia Bank Ltd. (ASX: NAB) share price and the Australia and New Zealand Banking Group (ASX: ANZ) share price were hit hard on Wednesday, acting as a heavy weight on the market as a whole.
On a more positive note, it's worth keeping an eye on the Cochlear Limited (ASX: COH) share price. The company bucked the market's negative trend yesterday, climbing 3.2% to end the session at $159.44. That compared to an intraday high, as well as a 52-week high, of $161.14.
Before getting started on your day, be sure to check out these two articles:
