While Macquarie and ANZ are trading ex-dividend, the share price of CBA was down on the revelation that its third quarter profit fell 28% to $1.7 billion in the three months to March.
As we head into the last week of the Australian federal election, it seems the ASX is following the lead of many Australians who are waiting to see how it all turns out.
The latest news out of the company is its half-year results release, as well as the details of its upcoming dividend. The Westpac share price had recovered to mid-November levels over the past two weeks, but has been on a losing streak in the last three sessions.
ANZ released its half year results this morning, which reveal that the company has taken a hit in its profit — an outcome that can be attributed to a slowing housing market.
The Australian ‘Big Four’ — Australia And New Zealand Banking Group Limited [ASX:ANZ], National Australia Bank Limited [ASX:NAB], Westpac Banking Corporation [ASX:WBC] and Commonwealth Bank of Australia [ASX:CBA] are all seeing declines today. ANZ's Share Price is down 0.95%.
This morning, the ASX market wiped as much as $22 billion off of its value, as nervous traders shied away from global market slumps. Currently, the S&P/ASX200 index is down 1.21% or 74.9 points to 6120.30.
While some outlets are leading with the headline that poor European PMI data drove the sell-off, I believe the bigger story behind the sell-off is the bond yield curve.
The ANZ share price was the worst hit. At time of writing it is down 2.52%, trading at $27.05. Much of this can be attributed to the appearance of Westpac and CBA before the House of Reps standing committee on economics.
Despite the smackdown Australian banks experienced yesterday with the release of Kenneth Hayne’s 954-page report from the Banking Royal Commission, the Big Four Australian banks are trading higher today.
ANZ’s share price took a hit on the back of its full-year results announcement. Cash profit slipped 16% to $5.805 billion full-year ending 30 September. Despite this, Australia and New Zealand Banking Group’s [ASX:ANZ] share price is trading at $26.12, up a moderate 1.79%.