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Oct 3 (Reuters) - Australian shares ended lower on Tuesday with financial stocks the biggest drag as QBE Insurance tumbled after the company said rising disaster claims could hurt earnings and as a decline in the oil price hit energy firms.
The S&P/ASX 200 index .AXJO fell 0.5 percent, or 27.93 points, to 5,701.40 at the close of trade.
Australia's biggest insurer QBE Insurance Group QBE.AX closed the day 3.5 percent down after it announced a $600 million earnings hit on its business from hurricanes in the Atlantic and earthquakes in Mexico. insurer added that it had increased its allowance for large individual risk and catastrophe claims to $1.75 billion for 2017.
Meanwhile, the Reserve Bank of Australia left its cash rate at 1.5 percent on Tuesday, a widely expected decision given policy makers have signalled a steady outlook for some time to come. other sectors, energy stocks were among the worst performers as oil prices declined for a second day amid fresh worries about a global over-supply of crude. O/R
The Australian energy index .AXEJ ended the day nearly 1 percent down. Beach Energy BPT.AX slipped 5.5 percent, Woodside Petroleum WPL.AX fell 1 percent and Origin Energy ORG.AX closed the day 0.8 percent lower.
The gold index .AXGD closed 0.7 percent down after prices of the yellow metal dropped to a 7-week low. GOL/
Gold miners Newcrest Mining NCM.AX slipped 1.3 percent while Northern Star Resources NST.AX closed down 0.4 percent.
New Zealand's benchmark S&P/NZX 50 index .NZ50 rose 0.06 percent, or 4.53 points to finish the session at 7,933.42, supported by healthcare and utility stocks.
Arvida Group ARV.NZ was the best performer on the index, rising 2.5 percent while Contact Energy CEN.NZ rose 1.1 percent.