Suncorp shares are taking a hit

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Shares in Suncorp fell hard after announcing its annual results, saying it sees a cooling housing market ahead.

A short time ago, the shares were down almost 6% to $13.66.

Suncorp posted a 3.6% rise to $1.075 billion in net profit after tax for the full year but sees some risks emerging from the property market.

“We anticipate a cooling of house price growth nationally while Queensland will continue to benefit from an affordability advantage emerging,” the banking, insurance and wealth management group said when announcing its results.

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