Not aware of anything apart from this to explain an 11% fall this morning. Big payouts expected after recent natural disasters, and don't forget insurance companies are leveraged to performance of equity markets and in the case of QBE, strongly to the US market which has boken lower. Caught in a payout-earnings squeeze.flood, bushfires and a financial winter
QBE just came out with another solid consistent result (as distinct from almost every other financial institution ) Obviously must be a Ponzi scheme ala Stanford or so the market seems to be saying..
Also watching Oil Search getting hammered - again some excellent results with a very solid LNG project. I just don't think the market is discriminating at the moment. Everything is been thrown out. In theory a great time for discriminating buyers with deep pockets and strong nerve...
TRADES in QBE Insurance Group shares at $15 and below were cancelled on Monday, after the stock registered an aberrant price under one cent low in afternoon trading.
According to Iress data, some QBE shares traded at a low of 0.4 cents between 1426 AEDT and 1428 AEDT, amid overall quiet dealing in the stock market.
The Australian Securities Exchange announced first that the trades were under dispute and then that trades at $15 and below were "to be cancelled''.
At 1445 AEDT, QBE shares were registered at $15.60, down 70 cents.
Course of sales data showed a 500-share parcel of QBE stock was offered at 0.4 cents at 1426 AEDT.
Shares were being bid at $5.04 each a few second later.
Bids were then made at $9.99 and $10 and upward until 1429 AEDT when the stock was bid at $15.63.
I don't wish to place to much emphasis and exact targets until patterns complete, but $16.00 would be a conservative estimate at this juncture.
Wave-(iii) has extended to the initial target, which as stated was a "conservative estimate". Wave-(iv) and -(v) are yet to come. We'd need to see a move back above $21.00 to move from bearish back to neutral.
Thanks for the update Nick,
If the price continues to fall, what is the next level of support we can expect?
I just bought in today at $17.77. After all my research I determined its a quality business, diversified by product and region.
While it's main growth is from acquisition it seems to have done this well in the past.
I just bought in today at $17.77. After all my research I determined its a quality business, diversified by product and region.
While it's main growth is from acquisition it seems to have done this well in the past.
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