ASX flat as QBE slump offsets broader gains

Retailers were mainly posting gains: Woolworths shares were up 1 per cent, and Wesfarmers - the owner of Coles - had risen 0. 7 per cent.

Shares in QBE Insurance crashed 12 per cent after the firm announced an unexpected profit downgrade.

The big four banks were mainly trading higher though, led by a gain of 0. 4 per cent for NAB and the Commonwealth.

Trade is flat on the Australian share market, as a slump for insurance giant QBE weighs on the broader market.

Read more here: ABC


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