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.
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.
The latest news out of Westpac is that its cash earnings for 1H 2019 will be significantly reduced due to further work on its customer remediation programs.
Westpac banking Corp [ASX:WBC] will ditch its personal financial advice division after being slapped with further regulations and legislation, which has rendered the service unprofitable across all four banks. At the time of writing, Westpac’s share price is trading at $26.20, down 0.53%.
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.
Sigma Healthcare's share price is trading 1.74% lower at 57 cents today. It seems investors aren’t sold on their story just yet, as shares plummeted at the market’s open, only to pick back up and drop again.
At time of writing, shares of Westpac Banking Corporation [ASX:WBC] are marginally lower today, trading at $27.15. However, this share price is its lowest return in five years.