Insurer QBE has ended a horror day on the ASX down 22.33%.
Some $515 million of QBE shares changed hands today – more than twice value of the second-most traded stock, CBA.
The drop wiped $4.2 billion off QBE’s market cap.
Via investing.com, here’s what happened:
QBE started the day down 20% from Thursday’s close after issuing a profit warning and announcing that chairman Belinda Hutchinson would retire in March. It was in a trading halt all of Friday in anticipation of today’s news.
The ASX 200 closed the day down 0.8%.