MYR – MYER – down 7.5 cents, or 17.4 per cent, at 35.5 cents
Myer shares fell to a new all-time low of 35.5 cents following their worst weekly performance since the department store chain listed on the share market in 2009. Myer posted a $476 million first-half loss and UBS analysts questioned the chain’s sustainability in its current form, while major shareholder Solomon Lew continued his public onslaught.
ANZ – ANZ BANKING GROUP – down 33 cents, or 1.2 per cent, at $27.70
NAB – NATIONAL AUSTRALIA BANK – down 54 cents, or 1.8 per cent, at $28.97
WBC – WESTPAC BANKING CORP – down 67 cents, or 2.3 per cent, at $28.85
CBA – COMMONWEALTH BANK – down $2.53 cents, or 3.4 per cent, at $72.81
The banking Royal Commission this week saw, in the words of UBS, evidence “of fraud, bribery, false documentation, failure to verify customer income, not assessing expenses, failure of internal controls, and failure to report misconduct to ASIC”. CBA also said it will enter into mediation with AUSTRAC in an attempt to resolve a civil case over allegations it breached money-laundering and terrorism-funding laws.
SIG – SIGMA HEALTHCARE – down 12 cents, or 13.3 per cent, at 78 cents
The pharmacies and drug supplier’s full-year underlying profit dropped 10.5 per cent to $59.9 million due to weaker demand for its Hepatitis C medication.