Markets Live: QBE Drags ASX Down

This is source I found from another site, main source you can find in last paragraph

Investors failed to build on the month's positive early momentum on Tuesday, with a sharp fall in QBE Insurance dragging the ASX into the red. 

A tumble in the oil price weighed on energy stocks, the worst performing corner of the market, and telecommunications and listed property were the only sectors which managed to scrape into the green.

The benchmark S&P/ASX 200 Index lost 27 points or 0.5 per cent to 5701, while he broader All Ordinaries Index dropped by a similar margin to 5764 points. The Australian

dollar dipped below US78¢ for the first time since mid-July after the Reserve Bank of Australia held rates steady at 1.5 per cent - a widely expected decision. In late Tuesday trade the Aussie fetched US77.95¢.

QBE detailed that it expected a $US600 million hit to profits from recent hurricanes Harvey, Irma and Maria and an earthquake in Mexico, prompting investors to flee the beleaguered insurer. The stock dropped 3.5 per cent, bringing the losses this year to more than 20 per cent. 

"We think there's probably some more to go for QBE," said Romano Sala Tenna, portfolio manager at Katana Asset Management. 

"Some of the analysis on QBE in recent days has been farcically optimistic and because of its size, it's a big wash on the overall market."

The big four banks also weighed on the bourse, with Commonwealth Bank of Australia giving up all of Monday's solid gains to end the session off 1.6 per cent. ANZ eased 0.1 per cent, Westpac shed 0.4 per cent and NAB lost 0.7 per cent. 

Investors scooped the profits from local energy names after a particularly strong September performance. Woodside Petroleum, Australia's largest oil producer, closed down 1 per cent, as did Santos. Origin Energy lost 0.8 per cent.

Beach Energy slumped 5.5 per cent as investors capitalised on the company's recent run. Beach recently announced it plans to acquire Lattice Energy, a move institutional investors are pleased with.  

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rong US dollar has knocked the price of gold bullion down, prompting investors to sell off gold miners. Australia's largest gold producer Newcrest Mining finished Tuesday down 1.3 per cent. 

In other equities news, the a2 Milk company slumped 2.6 per cent after Deutsche Bank downgraded the stock to a hold rating, pointing to the dairy company's ratings. 

This is source I found from another site, main source you can find in last paragraph

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