Tag: Motley Fool

The JB Hi-Fi Limited (ASX: JBH) share price has taken today off as the company announced strong sales in the first half of FY21. Shares in the retailing giant are currently trading 3.05% higher at a price of $52.32.

It has been a great 6 months for the retailer, which has outpaced the S&P/ASX 200 Index (ASX: XJO) by 13%.

Strong sales momentum

JB Hi-Fi reported strong sales throughout the first half, as elevated customer demand continued for electronics and home appliance products. This, combined with growth in online sales that were up 161.7% to $678.8 million, helped to offset the government-mandated temporary store closures due to COVID-19.

In terms of the company’s group sales, The Good Guys delivered the strongest sales across the board, up 26.4%. As a whole, the group grew sales by 23.7% in the first half, reaching a record value of $4,941.2 million.

Moreover, gross margins were well managed, leading to strong improvements in key categories. This was underpinned by The Good Guys, but offset by sales mix in JB Hi-Fi Australia and New Zealand.

As a result of good cost control combined with the strong growth in sales, operating leverage received a meaningful boost. What’s more, the group did not receive any government wage subsidies and continued to pay landlords and team members throughout the half, including the periods where stores were temporarily closed.

Comments from the CEO

JB Hi-Fi CEO Richard Murray, welcomed the strong results, saying:

We are pleased to report record sales and earnings for HY21, in what has been an extraordinary period. Our continued focus on the customer, and investments in our online business and our supply chain, have enabled us to seamlessly meet our customers’ increased demand both instore and online.

The CEO went on to thank the company’s 13,000 employees, saying they have “continued to do an incredible job and worked tirelessly throughout this period”. 

The JB Hi-Fi share price is trading strongly on the news today. Its half year audited results are due for release on 15 February.

More reading

• Why Data#3, JB Hi-Fi, Ramsay, & Zip shares are charging higher
• ASX 200 down 0.5%: JB Hi-Fi guidance impresses, Super Retail update, Ramsay surges
• 3 ASX dividend shares with large yields and consistent payouts
• What’s in store for the ASX tech sector in 2021?
• What does 2021 hold for ASX retail shares?

Motley Fool contributor Daniel Ewing has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post JB Hi-Fi (ASX:JBH) share price soaring on record sales appeared first on The Motley Fool Australia.

from The Motley Fool Australia https://ift.tt/39KFQnu

A fund manager has revealed an ASX company that he reckons is set up for the future with a tight stranglehold on its industry.

So much so, that it is in a virtual duopoly with the National Broadband Network.

SG Hiscock portfolio manager Hamish Tadgell told The Motley Fool that Uniti Group Ltd (ASX: UWL) is one of the most underrated stocks currently on the ASX.

“Over the last 18 months it transitioned from providing fibre network services to residential [and] greenfield residential developments to become much more a fibre infrastructure company,” he said in this week’s Ask A Fund Manager.

“It’s recently just bought OptiComm Ltd (ASX: OPC), and also bought Telstra Corporation Ltd (ASX: TLS)’s Velocity business.”

The transformation came at the perfect time, with the COVID-19 pandemic proving that connectivity is no longer a luxury but a utility — no different to water or electricity.

“During the bid they made for OptiComm, Aware Super, which is the old First State Super, made a rival bid,” Tadgell said.

“In our mind, this reinforces the point that these assets are starting to be viewed in a different light, [as] the social infrastructure-type assets.”

Number 2 in a cosy duopoly 

All this adds up to a secure future for Uniti, according to Tadgell.

“Our view is that Uniti is now the number 2 player in what is essentially a duopoly market with NBN.”

The Adelaide company even has one advantage over NBNCo, the government organisation that builds and operates the NBN.

“[Uniti] is the only player that’s got the ability to sell in the wholesale and retail channels, through having recently won structural separation approval from the ACCC.”

NBN is a pure wholesale provider of internet connectivity.

Uniti was formerly known as Uniti Wireless Limited, but changed its name during the transition to more wired infrastructure. The business listed on the ASX in February 2019.

The Uniti share price sat at $1.67 in early trade Monday. 

It was $1.531 a year ago, which means it’s had a tidy 9% rise over the year of COVID — good for a top 5 placing among the best-performed telco shares in 2020.

Bell Potter analysts also rated Uniti as a “buy” in a client briefing earlier this month, with an intriguing twist.

“We are positive on the outlook for the combined company given the strong pipeline and also the potential for synergies to be greater than flagged,” the briefing read.

“We also see the stock as a potential takeover target over the next 6 to 12 months.”

More reading

• Broker lists the best ASX stocks to own for an up to 30% gain in 2021
• Think you saw growth in 2020? Just wait for 2021: fundie
• ASX 200 Weekly Wrap: ASX drops despite promises of more US stimulus
• 2 ASX dividend shares with yields over 5% right now
• 3 blue chip ASX dividend shares with big yields

Motley Fool contributor Tony Yoo has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Telstra Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post This ASX company’s in a comfy duopoly with NBN appeared first on The Motley Fool Australia.

from The Motley Fool Australia https://ift.tt/2Nfc4Qk

The S&P/ASX 200 Index (ASX: XJO) is on course to start the week on a disappointing note. In afternoon trade the benchmark index is down 0.6% to 6,674.4 points.

Four shares that have not let that hold them back are listed below. Here’s why they are charging higher today:

Data#3 Limited (ASX: DTL)

The Data#3 share price has jumped 5.5% to $5.54. Investors have been buying the business technology solutions company’s shares after it provided guidance for the first half. According to the release, Data#3 expects to achieve the top end of its guidance range. This will mean a first half net profit before tax of approximately $13.7 million.

JB Hi-Fi Limited (ASX: JBH)

The JB Hi-Fi share price is up 2.5% to $52.05. Investors have been buying the retail giant’s shares after it released its guidance for the first half of FY 2021. JB Hi-Fi had a very strong half thanks to continued elevated customer demand for consumer electronics and home appliance products. In light of this, it expects to report a 23.7% increase in sales to $4,941.2 million and an impressive 86.2% lift in net profit after tax to $317.7 million for the half.

Ramsay Health Care Limited (ASX: RHC)

The Ramsay share price has jumped 5% higher to $62.26. This has been driven by the release of a broker note out of Goldman Sachs this morning. According to the note, its analysts have upgraded Ramsay’s shares to a conviction buy rating from neutral and lifted their price target on them to $70.00. Goldman believes the improvement in near-term fundamentals is not yet reflected in consensus forecasts or current trading multiples.

Zip Co Ltd (ASX: Z1P)

The Zip share price is up 2.5% to $5.75. This morning the buy now pay later provider announced the completion of its share purchase plan. According to the release, Zip raised $56.7 million from the share purchase plan. This includes over-subscriptions of $26.7 million, which it has accepted in full. Prior to this, Zip raised $120 million from its placement to new and existing institutional, sophisticated, and professional investors.

More reading

• ASX 200 down 0.5%: JB Hi-Fi guidance impresses, Super Retail update, Ramsay surges
• Ramsay Health Care (ASX:RHC) share price on watch after broker upgrade
• 2 exciting ASX growth shares to buy for your portfolio
• 5 things to watch on the ASX 200 on Monday
• 3 ASX dividend shares with large yields and consistent payouts

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of ZIPCOLTD FPO. The Motley Fool Australia has recommended Ramsay Health Care Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post Why Data#3, JB Hi-Fi, Ramsay, & Zip shares are charging higher appeared first on The Motley Fool Australia.

from The Motley Fool Australia https://ift.tt/3ipfX0I

The price of iron ore keeps going up and people are still talking about it.

The Australian Financial Review (AFR) quoted portfolio manager William Curtayne at Milford Asset Management this morning who predicts Rio Tinto Ltd (ASX: RIO) and Fortescue Metal Group Limited (ASX: FMG) 2022 earnings to be upgraded more than 100% if the iron ore price stays at US$165 a tonne.

It’s currently trading around US$170 a tonne, up nearly 80% for the year.

Let’s take a look at what big ASX metals and mining players Rio Tinto, Fortescue and BHP Group Ltd (ASX: BHP) have got going on.

How much have these ASX miners gained so far this year?

BHP, Rio Tinto and Fortescue are all up by 10.4%, 5.9% and 7.5%, respectively year-to-date. 

Each company has recently touched record highs.

The BHP share price is currently around $45, Rio Tinto is trading at about $117 a share, and the Fortescue share price is roughly $25.

Rio Tinto’s dividend is presently yielding over 5%. In total, Rio Tinto paid out an interim June dividend worth $US2.5 billion. In the 2019-2020 financial year, Fortescue paid out a dividend of $1 per share.

What if China stops ordering iron ore?

Iron ore is the number one export of Australia, and China is the number one purchaser. There has been an increasingly volatile business relationship between Australia and China for some time now.

Back in August 2020, China’s share of Australian exports reached an all-time high. The AFR then noted that this record was mainly due to iron ore, especially in the June quarter.

If China decided to completely stop ordering iron ore tomorrow, it would be a blow to Australia’s export industry.

What do analysts think about these ASX share price of these miners?

Thirteen analysts rate Rio Tinto a ‘buy’ according to the latest REFINITIV stock report. The analysts have rated the 12-month price target $83.35 on the low end and $170.58 at the top. BHP received a similar rating from 14 analysts with a price target range of $27.14 to $45.36.

The analysts are currently a bit more skeptical on Fortescue. The price target spans a massive 211%, from a worse-case number of $10.34 to the best bet coming in at $32.18.

More reading

• Wilson Asset Management thinks these 2 ASX shares are a buy
• ASX 200 Weekly Wrap: ASX drops despite promises of more US stimulus
• 2 ASX dividend shares with yields over 5% right now
• ASX banks to steal the dividend crown from mining stocks by next year
• 4 ASX shares that helped this fund outperform in December

Motley Fool contributor Gretchen Kennedy has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post Can iron ore keep pumping the ASX share price of these miners? appeared first on The Motley Fool Australia.

from The Motley Fool Australia https://ift.tt/3bLbO5O

Shares in DroneShield Ltd (ASX: DRO) are lifting today after the company received its first order under the EU Police Framework Agreement.

In the opening minutes of trade, the DroneShield share price shot up to an intraday high of 18.5 cents. However, at the time of writing, shares in the defence contractor have retreated to 17.7 cents, up 1.14%.

What did DroneShield announce?

DroneShield advised that European police forces have placed an initial order for its DroneGun Tactical products.

During May last year, the company won a competitive tender to supply counter unmanned aerial systems (UAS) for European police. The process, which was run by Belgium Police, was selected with a European-wide framework.

Under the agreement, European police forces would be equipped with the DroneGun Tactical products. While no purchase quantities were stated in the release, the deal is expected to produce periodic sales over time. Furthermore, the company anticipates that the framework will lead to purchases of other DroneShield equipment, such as RfPatrol and others.

DroneShield’s Benelux region partner, ForcePro BV, has been selected to manage sales, and provide training and local support.

DroneGun Tactical explained

DroneGun Tactical is a portable, long range counter measure used against UAS threats.

When attacking a target, the high-tech gun safely brings the enemy UAS down to ground with no peripheral damage, protecting the surrounding environment.

What did the CEO say?

Commenting on the contract, DroneShield CEO Oleg Vornik said:

Due to COVID, there have been initial delays in mobilisation of orders under the agreement, which have now commenced despite continuous COVID constraints in Europe. While this initial purchase is small at approximately $100,000, it represents the first purchase under what we expect to be a multi-million-dollar agreement supplying DroneGuns and associated counter-UAS products across dismounted, vehicle and fixed site range, to police forces across EU.

DroneShield share price review

The DroneShield share price has had a bit of an up-and-down year. The company’s shares reached as high as 25 cents at the beginning of last year, before falling to 8.4 cents in March.

In the last 3 months, the DroneShield share price has been hovering between 17 cents and 20 cents.

More reading

• Why the DroneShield (ASX:DRO) share price is surging higher
• Why the DroneShield (ASX:DRO) share price is jumping 6% today

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post DroneShield (ASX:DRO) share price lifts on contract update appeared first on The Motley Fool Australia.

from The Motley Fool Australia https://ift.tt/2XP6fuW

The GWR Group Ltd (ASX: GWR) share price shot up over 8% at the open this morning before settling into its current gain of 2.33% at the time of writing. The GWR share price is currently sitting at 44 cents a share. 

Today’s price action follows the miner’s announcement that its first iron ore stockpile is ready for shipment.

What did GWR Group announce this morning?

According to this morning’s release, GWR remains “on track to make its first historic shipment of Iron Ore from the C4 deposit in late January 2021.”

The shipment announced in today’s release is from the company’s C4 iron ore deposit in Wiluna, which is the company’s flagship project.

Product is currently being stockpiled at the Port of Geraldton Site 88 location in preparation for shipment later this month. The vessel that’s been secured for the job is expected to be loaded and depart before the end of this month.

Stage 1 mining activities continue to progress on site. The company has engaged Pilbara Resource Group (PRG) for Stage 1 operations that cover the first 1 million tonnes of an estimated 21.6 million tonne resource of 60.7% Fe.

In today’s announcement, GWR chair Gary Lyons confirmed the project’s progress:

The Company remains on track for the first historic shipment of Iron Ore to our off take partner in late Jan 2021 in what will be the final key production milestone of Stage 1 with Cargo Ship PANAFRICAN expected to arrive at the Port of Geraldton this month.

The GWR Group share price continues creeping up

Over the past 12-month period, the GWR Group share price has blasted up over 400%.

Notably, the GWR share price had a nice boost in August when it announced its approvals for the C4 deposit were secured, jumping from a 7 cent close on 27 August 2020 to 24 cents on 31 August 2020. That’s a very tidy 243% gain.

The GWR Group share price has continued an upward trend since.

More reading

• ASX 200 down 0.5%: JB Hi-Fi guidance impresses, Super Retail update, Ramsay surges
• Why the Premier Investments (ASX:PMV) share price is under pressure
• Why Beach, Orocobre, Premier Investments, & QBE shares are dropping lower
• Why the QBE (ASX: QBE) share price has tanked 5% today
• Broker lists the best ASX stocks to own for an up to 30% gain in 2021

Motley Fool contributor Gretchen Kennedy has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post What’s moving the GWR Group (ASX:GWR) share price today? appeared first on The Motley Fool Australia.

from The Motley Fool Australia https://ift.tt/3bP2oGA

At lunch on Monday the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a decline. The benchmark index is currently down 0.5% to 6,681.1 points.

Here’s what is happening on the market today:

JB Hi-Fi guidance impresses.

The JB Hi-Fi Limited (ASX: JBH) share price charged to a record high this morning after providing its guidance for the first half of FY 2021. According to the release, the retail giant expects to report a 23.7% increase in sales to $4,941.2 million and an impressive 86.2% lift in net profit after tax to $317.7 million. The company advised that sales momentum was strong throughout the half, with continued elevated customer demand for consumer electronics and home appliance products.

Super Retail half-year profits to double.

Also reporting strong sales and profit growth for the half is Super Retail Group Ltd (ASX: SUL). This morning the retailer advised that its half year sales increased 23% over the prior corresponding period and 24% on a like for like basis. Things were even better on the bottom line thanks to margin expansion. Super Retail’s normalised net profit after tax is expected to be in the range of $174 million to $177 million. This represents a 135% to 139% increase on the first half of FY 2020.

Ramsay share price jumps higher.

The Ramsay Health Care Limited (ASX: RHC) share price is charging higher today. This has been driven by a broker note out of Goldman Sachs, which reveals that its analysts have upgraded Ramsay’s shares to a conviction buy rating from neutral. The broker has also lifted its price target on the private hospital operator’s shares to $70.00. Goldman believes the improvement in near-term fundamentals is not yet reflected in consensus forecasts or current trading multiples.

Best and worst ASX 200 performers.

The best performer on the ASX 200 on Monday has been the Pro Medicus Limited (ASX: PME) share price with a sizeable 12% gain. Investors have been buying the company’s shares since it announced a major contract win last week. The worst performer has been the QBE Insurance Group Ltd (ASX: QBE) share price with a 5% decline. This follows the release of another disappointing update by the insurance giant.

More reading

• Why the Premier Investments (ASX:PMV) share price is under pressure
• Why Beach, Orocobre, Premier Investments, & QBE shares are dropping lower
• Why the QBE (ASX: QBE) share price has tanked 5% today
• Broker lists the best ASX stocks to own for an up to 30% gain in 2021
• Why the Super Retail (ASX:SUL) share price is surging higher today

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends Pro Medicus Ltd. The Motley Fool Australia owns shares of and has recommended Super Retail Group Limited. The Motley Fool Australia has recommended Pro Medicus Ltd. and Ramsay Health Care Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post ASX 200 down 0.5%: JB Hi-Fi guidance impresses, Super Retail update, Ramsay surges appeared first on The Motley Fool Australia.

from The Motley Fool Australia https://ift.tt/3szu1t3

The Premier Investments Limited (ASX: PMV) share price has slumped 2.7% lower to $23.67 in this morning’s trade. That comes after a key management update from the Aussie retailer.

Why is the Premier Investments share price falling?

Shares in the retailer have slumped lower after the company announced a “senior executive change”.

Premier Investments Limited executive director and Premier Retail CEO, Mark McInnes, is set to step down.

At the completion of his 12-month notice period, Mr McInnes will have been in his role for more than 10 years.

The Premier Investments share price has fallen lower on the news while the S&P/ASX 200 Index (ASX: XJO) is down 0.4%.

Premier Chairman Solomon Lew said he supported Mr McInnes in his decision to step down to spend more time with family. Mr Lew said Premier had delivered “year on year record operational and financial performance” under Mr McInnes.

According to Mr Lew, it’s “business as usual” for Premier with the board starting a new executive search. Mr McInnes is currently on annual leave and will return on 1 February 2021.

What does Premier Investments do?

Premier is one of Australia’s largest retailers having listed on the ASX in December 1987. Led by billionaire chairman Solomon Lew, Premier Investments has steadily grown its retail portfolio.

Some of Premier’s major investments include The Just Group, Smiggle, Just Jeans, Peter Alexander and dotti.

Like many Aussie retailers, the Premier Investments share price has rebounded strongly in recent months. After slumping as low as $8.13 in the March 2020 bear market, its shares are up 191.0% to $23.66 per share.

Foolish takeaway

The departure of Mr McInnes represents a big change for the retailer after such a long stint at the helm.

The Premier Investments share price is under pressure today as the broad market index has also endured a soft start to the week’s trade.

More reading

• ASX 200 down 0.5%: JB Hi-Fi guidance impresses, Super Retail update, Ramsay surges
• Why Beach, Orocobre, Premier Investments, & QBE shares are dropping lower
• Why the QBE (ASX: QBE) share price has tanked 5% today
• Broker lists the best ASX stocks to own for an up to 30% gain in 2021
• Pendal (ASX:PDL) posts $5 billion increase in FUM

Motley Fool contributor Ken Hall has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Premier Investments Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post Why the Premier Investments (ASX:PMV) share price is under pressure appeared first on The Motley Fool Australia.

from The Motley Fool Australia https://ift.tt/2XPWpZW

It has been a disappointing start to the week for the S&P/ASX 200 Index (ASX: XJO). In late morning trade the benchmark index is down 0.55% to 6,678.9 points.

Four shares that are falling more than most today are listed below. Here’s why they are dropping lower:

Beach Energy Ltd (ASX: BPT)

The Beach share price is down 5% to $1.86. Investors have been selling the energy producer’s shares for a couple of reasons on Monday. One is the pullback in oil prices on Friday night due to demand concerns. The other is news that Citi has downgraded its shares from a buy rating to neutral with a $1.94 price target. It feels its shares are fully valued based on medium term oil and gas estimates.

Orocobre Limited (ASX: ORE)

The Orocobre share price is down 4% to $5.08 despite there being no news out of the lithium miner. However, with Orocobre’s shares up strongly over the last few months, this could have been driven by profit taking. Even after today’s decline, the Orocobre share price is up over 100% since the start of November.

Premier Investments Limited (ASX: PMV)

The Premier Investments share price has fallen 3% to $23.65. This appears to have been driven by news that the CEO of the company’s Retail business is stepping down from the role after almost a decade. Premier Retail’s Mark McInnes will serve a 12-month notice period. Premier also has the option to restrain Mr McInnes from engaging in specified retail related activities for a further two-year period.

QBE Insurance Group Ltd (ASX: QBE)

The QBE share price is down 5% to $8.15. This follows the release of an update on its business interruption insurance in the UK. According to the release, the UK Supreme Court has ruled in favour of policyholders and QBE will have to pay out claims. In response to this, the company revealed that its FY 2020 result will now include an additional $185 million risk margin strengthening with respect to potential Australian business interruption claims.

More reading

• Why the QBE (ASX: QBE) share price has tanked 5% today
• These ASX energy stocks just got zapped by a broker downgrade
• Top brokers name 3 ASX shares to buy next week
• Top brokers name 3 ASX shares to sell next week
• 5 things to watch on the ASX 200 on Friday

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Premier Investments Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post Why Beach, Orocobre, Premier Investments, & QBE shares are dropping lower appeared first on The Motley Fool Australia.

from The Motley Fool Australia https://ift.tt/2LxmuKL

The QBE Insurance Group Ltd (ASX: QBE) share price is under pressure in early trade after an update from the Aussie insurer.

Shares in the $12 billion insurer are down 5.6% to $8.09 in early trade following this morning’s announcement.

Why is the QBE share price under pressure?

The latest share price move comes after a business interruption update from QBE. The company provided an update on the test case before the UK Supreme Court. The appeal is against the UK High Court’s September 2020 ruling in the UK Financial Conduct Authority (FCA) case.

The FCA case was undertaken to resolve legal issues concerning the interpretation of common business interruption policy wordings. That includes some wordings in QBE’s UK operations, particularly around COVID-19 and the government-mandated lockdowns.

The High Court initially ruled in favour of QBE on two out of three notifiable disease policy (NDP) wordings examined. The Supreme Court has today upheld the High Court’s ruling in favour of the insureds with respect to one NDP wording.

The FCA was ultimately successful on its grounds of appeal while all other insurers were unsuccessful.

The QBE share price has dropped more than 5% this morning following the update. QBE announced that the gross cost of UK insurance business interruption claims will increase as a result of the ruling.

However, the UK Supreme Court ruling does not directly impact QBE’s net profit. The increased gross claims will reduce downside protection with respect to potential Australian business interruption claims.

To protect against that downside, QBE will now include an additional $185 million risk margin to strengthen its position against those potential Australian claims.

That would bring the total ultimate COVID-19 allowance to $785 million. FY2020 COVID-19 related costs are now expected to be $655 million after the latest increase.

Foolish takeaway

The UK Supreme Court ruling means insurers could face higher claims due to COVID-19. That has sent the QBE share price plummeting lower as investors re-price the insurer based on the latest forecasts.

The S&P/ASX 200 Index (ASX: XJO) has fallen 0.6% to 6,674.20 points at the time of writing.

More reading

• Broker lists the best ASX stocks to own for an up to 30% gain in 2021
• Pendal (ASX:PDL) posts $5 billion increase in FUM
• ASX 200 Weekly Wrap: ASX drops despite promises of more US stimulus
• 5 things to watch on the ASX 200 on Monday
• 2 ASX dividend shares with yields over 5% right now

Motley Fool contributor Ken Hall has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post Why the QBE (ASX: QBE) share price has tanked 5% today appeared first on The Motley Fool Australia.

from The Motley Fool Australia https://ift.tt/2M3RpOn