Because in order to buy back the shares they have to spend their cash. So yes there are less shares on issue but also they have significantly less cash. So they cancel themselves out. It can be beneficial on the long term if they buy when the price is undervalued and then in time the shares appreciate when people realise their hidden value. Further in this very low interest rate environment there is more incentive to do but backs as if they used that cash to invest then they would be looking at circa 2% returns.
QBE Price at posting:
$11.83 Sentiment: Hold Disclosure: Held
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