WBC – WESTPAC BANKING CORPORATION – down 29 cents, or 1.01 per cent, to $28.30
CBA – COMMONWEALTH BANK – down 52 cents, or 0.72 per cent, at $71.54
ANZ – ANZ BANKING GROUP – down 9 cents, or 0.34 per cent, at $26.63
NAB – NATIONAL AUSTRALIA BANK – up 22 cents, or 0.78 per cent, at $28.59
Investment bank UBS sparked a $9 billion sell off when it downgraded Westpac to a “sell” over concerns raised about the quality of its mortgage book in documents released by the banking royal commission.
The banking regulator said it was removing the cap it placed on lending to property investors and now expects banks to introduce their own restrictions on high debt-to-income lending.
AMP – AMP LTD – down 28 cents, or 6.5 per cent, to $4.02
Shares in Australia’s largest wealth manager hit their lowest mark since August 2012 after banking royal commission on Friday heard AMP could face criminal charges over the fees-for-no-service issue.
The Australian Council of Superannuation Investors confirmed after market close it had recommended its members vote out the three directors standing for re-election.
WES – WESFARMERS LTD – up $1.89, or 4.55 per cent, to $43.39
Wesfarmers blamed severe winter weather for another dramatic fall in sales at its struggling Bunnings venture in the UK and Ireland, while sales growth at Coles continues to gradually improve.
AWC – ALUMINA – down 16 cents, or 5.65 per cent, at $2.67
S32 – SOUTH32 – down 20 cents, or 5.09 per cent, at $3.73
The pair crawled back up later in the week, having dropped sharply when aluminium prices to their biggest one-day fall since 2010 over the US issue with Russian aluminium producer Rusal.
KGN – KOGAN.COM – down $1.55, or 16.77 per cent, at $7.69
Kogan.com’s latest cash flow statement showed a revenue rise of about 46 per cent in the third quarter but that fell short of investors’ expectations.
ISU – ISELECT – down 49 cents, or 49 per cent, at 51 cents
More than $100 million in market value went in minutes after the insurer started the week by cutting its full-year earnings guidance and announcing its chief executive had resigned, effective immediately.