Sharp ANZ losses perpetuate negativity as banks bruise stock market
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