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Steve Daghlian

๐Ÿ‘ค Speaker
964 total appearances

Appearances Over Time

Podcast Appearances

CommSec Market Update
PM 08 May 26: Worst day in 7 weeks for ASX

That's $0.30 above what it paid a year earlier.

CommSec Market Update
PM 08 May 26: Worst day in 7 weeks for ASX

Profits up around 30% as well.

CommSec Market Update
PM 08 May 26: Worst day in 7 weeks for ASX

So that's about $500 million above what the market was broadly expecting.

CommSec Market Update
PM 08 May 26: Worst day in 7 weeks for ASX

Now, the key driver...

CommSec Market Update
PM 08 May 26: Worst day in 7 weeks for ASX

was its largest division.

CommSec Market Update
PM 08 May 26: Worst day in 7 weeks for ASX

That's the commodities and global markets division.

CommSec Market Update
PM 08 May 26: Worst day in 7 weeks for ASX

Two things that happened there that seemed to boost things.

CommSec Market Update
PM 08 May 26: Worst day in 7 weeks for ASX

One was the fact that it sold an on-stream meters platform, which basically tracks electricity and gas meters on behalf of energy providers.

CommSec Market Update
PM 08 May 26: Worst day in 7 weeks for ASX

And secondly, the war in the Middle East has meant that quite a few businesses are hedging more, so trying to protect themselves from the volatility we're seeing in energy markets.

CommSec Market Update
PM 08 May 26: Worst day in 7 weeks for ASX

QBE in focus as well today.

CommSec Market Update
PM 08 May 26: Worst day in 7 weeks for ASX

It is under pressure with most of the market, but it's actually outperforming some of its insurance peers.

CommSec Market Update
PM 08 May 26: Worst day in 7 weeks for ASX

So, it's down about 1.6%.

CommSec Market Update
PM 08 May 26: Worst day in 7 weeks for ASX

The likes of Suncorp is down about 2.3% and IAG is falling by more than 3%.

CommSec Market Update
PM 08 May 26: Worst day in 7 weeks for ASX

So,

CommSec Market Update
PM 08 May 26: Worst day in 7 weeks for ASX

QBE coming out with an update basically saying that there's been an 11% lift in premiums for its insurance products.

CommSec Market Update
PM 08 May 26: Worst day in 7 weeks for ASX

It said that investment income is also running ahead of what the market was expecting.

CommSec Market Update
PM 08 May 26: Worst day in 7 weeks for ASX

Higher rates generally helpful as far as what they bring back.

CommSec Market Update
PM 08 May 26: Worst day in 7 weeks for ASX

And also the catastrophe costs have largely been within its limits as well.

CommSec Market Update
PM 08 May 26: Worst day in 7 weeks for ASX

down 35% this week, rough one.

CommSec Market Update
PM 08 May 26: Worst day in 7 weeks for ASX

So, let's look forward because there are still quite a few things that we should be on the lookout for in the week ahead.