QBE Insurance Group Ltd (ASX: QBE) shares have climbed around another 1% higher in Wednesday lunchtime trade. At the time of writing, the shares are changing hands at $24.57 a piece. At one point, the share price reached as high as $24.60.

Today’s increase follows a strong share price rally so far in 2026, and marks the highest trading price in nearly 16 years.

The financial shares are now over 24% higher for the year to date, and around 5% higher than 12 months ago.

What has driven QBE shares higher?

QBE shares have been climbing higher on the back of support from a stronger insurance earnings backdrop and higher premiums.

Last month, the company posted its first-quarter FY26 update, revealing an 11% year-on-year increase in gross written premium (GWP), or 7% on a constant currency basis. 

The insurer reported total funds under management of $36.1 billion at the end of the quarter.

The company also maintained its FY26 outlook, pointing to mid-single-digit gross written premium growth and a group combined operating ratio of around 92.5%.

It looks like many investors were pleased with the update and are continuing to jump on board.

Do brokers rate the insurance stock as a buy, sell, or hold?

Experts are bullish on the outlook for QBE shares over the next 12 months. But it looks like, after the latest rally, a lot of the positive sentiment is already reflected in the share price. 

Market Index shows that the majority of brokers have a buy rating on QBE shares. But the $24.58 average target price implies just a tiny 0.1% upside at the time of writing.

TradingView data shows more diversity in analysts’ sentiment. Of 11 analysts, seven have a buy or strong buy rating, two have a hold rating, and two rate the shares as a sell.

The average $24.81 target price implies a slightly higher 1% upside at the time of writing. However, some think QBE shares could climb up to 10% higher to $26.91 over the next 12 months.

Investment firm Market Partners is positive about the outlook for QBE shares. It recently noted that QBE has been working hard to simplify its business over the past 5 to 10 years, including a number of acquisitions, and it’s now paying off. The experts said QBE is an emerging turnaround story. 

On the flip side, UBS raised concerns last month about the outlook for QBE shares. It said that there’s potential for a softer insurance pricing backdrop heading into 2027, particularly if premium rate growth loses pace more quickly than expected. 

Meanwhile, Macquarie has a hold rating on QBE shares with a $25.10 price target. 

The post QBE shares soar to fresh multi-year high: Here’s what brokers expect next appeared first on The Motley Fool Australia.

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Motley Fool contributor Samantha Menzies has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Macquarie Group. The Motley Fool Australia has recommended Macquarie Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small gain. At the time of writing, the benchmark index is up slightly to 8,792 points.

Four ASX shares that are rising more than most today are listed below. Here’s why they are racing higher:

Benz Mining Corp (ASX: BNZ)

The Benz Mining share price is up 25% to $2.65. Investors have been buying the gold explorer’s shares after it announced a maiden exploration target for its 100%-owned Glenburgh Gold Project in the Gascoyne region of Western Australia. Benz Mining’s CEO, Mark Lynch-Staunton, commented: “This initial Exploration Target frames the scale and quality of Glenburgh on a project-wide basis for the first time. Importantly, this is not a loose conceptual target – approximately 80% of the Exploration Target is drill-defined, assay-supported and wireframed, providing a strong technical foundation for resource conversion. […] Glenburgh has the scale and geological architecture to become a major Australian gold project, with the potential to evolve into a world-class gold system.”

Collins Foods Ltd (ASX: CKF)

The Collins Foods share price is up 1.5% to $8.24. This may have been driven by a broker note out of Citi this morning. According to the note, the broker has upgraded the quick service restaurant operator’s shares to a buy rating with a $10.30 price target. This implies potential upside of 25% for investors over the next 12 months. Citi made the move on valuation grounds following a sizeable decline from its highs.

WiseTech Global Ltd (ASX: WTC)

The WiseTech share price is up 15% to $33.00. Investors appear to be buying the logistics software company’s shares after WiseTech responded to recent media reports involving founder Richard White. It stated: “The media reports that the alleged investigation relates to Richard White in a personal capacity. There is no suggestion in this media commentary of an investigation into WiseTech. The Company is not aware of any investigation as outlined in the article. The Executive Chair has provided assurance to the Board that he is not aware of any such investigation and also confirmed that he emphatically and unequivocally denies any involvement in or with human trafficking.”

Xero Ltd (ASX: XRO)

The Xero share price is up almost 9% to $70.69. This may also have been driven by a broker note out of Citi. This morning, the broker reaffirmed its buy rating and $113.60 price target on the cloud accounting platform provider’s shares. This implies potential upside of approximately 60% for investors over the next 12 months.

The post Why Benz Mining, Collins Foods, WiseTech, and Xero shares are shooting higher today appeared first on The Motley Fool Australia.

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• US chip stocks were smashed overnight. So why are ASX tech shares rising?
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• 5 ASX growth shares I want in my portfolio in FY27

Citigroup is an advertising partner of Motley Fool Money. Motley Fool contributor James Mickleboro has positions in Collins Foods, WiseTech Global, and Xero. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended WiseTech Global and Xero. The Motley Fool Australia has positions in and has recommended WiseTech Global and Xero. The Motley Fool Australia has recommended Collins Foods. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

ASX investors were handed a rough lead from Wall Street overnight after US chip stocks were heavily sold down.

The sell-off was centred on some of the biggest names in the artificial intelligence (AI) trade, with investors taking profits after a very strong run.

Overnight, the Nasdaq Composite Index (NASDAQ: .IXIC) fell 2.2%, while the Philadelphia Semiconductor Index (NASDAQ: SOX) dropped 7.9%.

Some of the bigger falls came from the names that have been riding the AI boom.

Micron Technology Inc (NASDAQ: MU) dropped 13% to US$1,051.77, Nvidia Corp (NASDAQ: NVDA) fell 4.1% to US$200.04, while Qualcomm Inc (NASDAQ: QCOM) and Marvell Technology Inc (NASDAQ: MRVL) lost 8% and 9.4%, respectively.

While this might sound like a warning sign for ASX tech shares, the local market has gone the other way today.

At the time of writing, several large ASX tech shares are trading higher, despite the weak US lead.

So, why are ASX tech shares rising?

ASX tech shares move higher

The main reason is that ASX tech shares aren’t really chip stocks.

The overnight selling was focused on US companies closely tied to semiconductors, memory chips, and AI infrastructure.

And that is not quite the same as our local tech sector.

Xero Ltd (ASX: XRO) is an accounting software business. WiseTech Global Ltd (ASX: WTC) provides logistics software, while Pro Medicus Ltd (ASX: PME) sells medical imaging software.

So, while the US sell-off is clearly worth watching, it doesn’t directly change the outlook for most ASX tech names.

There also appears to be some bargain hunting going on.

A number of local tech shares have already been hit hard in 2026, with Xero and WiseTech both under heavy pressure recently.

At the time of writing, Xero shares are up 7.1% to $69.63, while WiseTech shares are up 13.42% to $32.62.

Pro Medicus shares are 2.1% higher at $176.75, and NextDC Ltd (ASX: NXT) shares are up 2.20% to $14.85.

What should ASX investors watch now?

The key thing to watch is whether the selling stays in US chip stocks or starts spreading across the broader US tech sector.

If investors keep taking money out of the AI trade, ASX growth shares could still feel some pressure, especially those trading on higher valuations.

But for now, the local market is holding up reasonably well.

And that is likely because many ASX tech shares have already had a difficult run in 2026.

Xero and WiseTech, in particular, are both still well below where they were a year ago, despite today’s bounce.

The post US chip stocks were smashed overnight. So why are ASX tech shares rising? appeared first on The Motley Fool Australia.

More reading

• ASX tech giants bounce back from heavy losses
• WiseTech shares have crashed: buy, hold, or sell?
• These ASX tech stocks are crashing. Buy or bail?
• These ASX shares are riding the AI boom. Investors keep overlooking them
• 5 ASX growth shares I want in my portfolio in FY27

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Marvell Technology, Micron Technology, Nvidia, Qualcomm, WiseTech Global, and Xero. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Pro Medicus. The Motley Fool Australia has positions in and has recommended WiseTech Global and Xero. The Motley Fool Australia has recommended Nvidia and Pro Medicus. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.