ASX 200 up 0.7%: Afterpay (ASX:APT) higher, QBE Insurance (ASX:QBE) lower on UK update

Afterpay Ltd (ASX:APT) and QBE Insurance Group Ltd (ASX:QBE) shares are on the move on the ASX 200 on Wednesday…

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At lunch on Wednesday the S&P/ASX 200 Index (ASX: XJO) is on course to record a strong gain. The benchmark index is currently up 0.7% to 5,937.3 points.

Here’s what is happening on the market today:

QBE’s UK update.

The QBE Insurance Group Ltd (ASX: QBE) share price is trading lower today. This morning the insurance giant revealed that the High Court of England and Wales has ruled in favour of policyholders in respect to one of QBE’s notifiable disease policy wordings. This means some of the company’s policyholders are entitled to claim an insurance payout for business losses suffered when the UK went into lockdown between March and June because of COVID-19. QBE is considering its options to appeal that decision.

Tech shares rebound.

The likes of Afterpay Ltd (ASX: APT) and Nearmap Ltd (ASX: NEA) are helping to drive the ASX 200 higher today. This follows another very positive night of trade on the technology focused Nasdaq index. It rose a solid 1.2% during overnight trade. At the time of writing, the S&P/ASX All Technology Index (ASX: XTX) is up 2.5%.

Big four banks drag on ASX 200.

The big four banks are acting as a drag on the ASX 200 again on Wednesday. At lunch, three of the big four banks are in the red. The only bank in positive territory at the time of writing is Commonwealth Bank of Australia (ASX: CBA). The CBA share price is currently up 0.2% to $65.18.

Best and worst ASX 200 performers.

The best performer on the ASX 200 on Wednesday has been the SEEK Limited (ASX: SEK) share price with a 9% gain. This appears to have been driven by positive economic data out of China today. The worst performer has been the Whitehaven Coal Ltd (ASX: WHC) share price with a 3% decline. This may be down to profit taking after a solid gain over the last few trading days.

James Mickleboro owns shares of SEEK Limited. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Nearmap Ltd. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended Nearmap Ltd. and SEEK Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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