Sharp ANZ losses per­pet­u­ate neg­a­tiv­ity as banks bruise stock mar­ket

STOCK WATCH

Kalgoorlie Miner - - BUSINESS -

Poor per­for­mances from the bank­ing and min­er­als sec­tors have pushed the Aus­tralian share mar­ket down al­most half a per cent.

Sharp losses by ANZ, shed­ding more than 3 per cent of its value, was key in per­pet­u­at­ing neg­a­tiv­ity in the sec­tor, IG mar­kets an­a­lyst An­gus Ni­chol­son said.

“There’s a lot of neg­a­tiv­ity there in the bank­ing sec­tor, partly that’s be­cause they’ve had pretty de­cent re­sults, but for them to grow at that level is go­ing to be in­creas­ingly dif- fi­cult with the slow­ing prop­erty sec­tor and a whole lot of new bank­ing reg­u­la­tions,” he told AAP.

ANZ was down 96 cents to $27.21, West­pac fell 54 cents to $31.38, Com­mon­wealth Bank lost 44 cents to $76.73 and Na­tional Aus­tralia Bank was down 31 cents to $30.15.

Falls in the iron ore price overnight hurt big min­ers BHP Bil­li­ton and Rio Tinto, down 45 cents to $23.02 and 49 cents to $50.65, re­spec­tively.

It was a tough day for Coles owner Wes­farm­ers, which was pe­nalised for its com­peti­tor’s poor sales fig­ures. Wes­farm­ers was down 77 cents to $39.41, while Wool­worths was down 59 cents to $24.11.

It’s been a hor­ror week for Dick Smith, which lost a fur­ther 10 per cent of its value in trad­ing yes­ter­day, fall­ing eight cents to 69.5 cents. AAP

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