Big Frank has mentioned a few times no QBE exposure to the PIGS or any european bank that failed the recent stress tests.
I think the recent downturn is based on the recent sentiment and performance of the US economy. Shorters have been having a field day with the negative sentiment.
Also, a 45% DRP/BSP takeup by shareholders suggests there was significant personal interest in keeping the share price down during this time.
I expect if we get no other global catastrophes or financial meltdowns, we should see a gradual SP appreciation towards $16 by end of year.
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