Major bank falls drag share market down 0.3%

Major bank falls drag share market down 0.3%

Major bank falls drag share market down 0.3%

The Australian share market has closed lower because of drops by the energy producers, major banks, and miners.

The benchmark SP/ASX200 shed 0.3%, with the biggest losses coming from the major 4 banks, while the Australian dollar nonstop its gradual drop, exchange at 75.46 US cents at 1630 AEST.

Michael Heffernan, a Phillip Capital senior client adviser, said worries about the Australian Prudential Regulation Authority placing further investment necessities on the banks were behind the monetary sector’s lower.

While commodity prices and iron ore performed well. Michael Heffernan said there were continuing longer term progress concerns, specifically for iron ore.

Mr. Heffernan said the banks are down for the reason that of APRA’s latest talk and statements about growing capital necessities.

There is the observation from experts that the iron ore increase is just about over and there is a buildup of inventory in China. And we cannot think the same sort of progress in China that’s sustained steel prices.

Westpac shed 43 cents, or 1.2%, to $34.22, Commonwealth Bank dropped $1.20, or 1.4%, to $84.79, National Australia Bank declined 31 cents, or 0.9%, to $32.60 and ANZ lost 32 cents, or 1%, to $31.36.

Rio Tinto dropped $1.04, or 1.7%, to $60.68, BHP Billiton was dropped 8 cents to $24.67 and Fortescue Metals dropped 12 cents or 1.9% to $6.30.

South32 dropped 1 cent to $2.95 after the miner cut its manufacture forecasts for silver, lead and zinc at a Western Australia mine following an underground fire.

Woodside Petroleum fell 22 cents to $32.56, while Santos was the lowest performer in the power sector, down 6 cents to $3.74.

The industrials and property developers and Medicare sector were the areas of strength on the market.


At the close of market, the benchmark SP/ASX200 was drop 19.9 points, or 0.34%, at 5,856.3 points.

The broader All Ordinaries index was drop18.6 points, or 0.31%, at 5,897.3 points.

The June SPI200 futures contract dropped 14 points, or 0.24%, at 5,845 points.


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