ASX Closes Lower Today, Financial Stocks Worst Hit

ASX Closes Lower Today, Financial Stocks Worst Hit

The Australian Stock Exchange closed lower today amidst ongoing trade tensions between the US and China. China announced retaliatory tariffs on US goods worth $US60 billion from June 1. The US stock market plummeted post the announcement.

The S&P/ASX 200 closed lower at 6239.9 points on 14th May 2019, down by 0.9 per cent or 57.7 points. All the sectoral indices closed in red except Consumer Staples and Materials sector.

FMG, EVN, RRL, NWH and NST were the best-performing stocks while MYX, IFL, NAB, RWC and NUF were the stocks that closed in red on the ASX today.

The Financials stocks were the worst hit stocks on the ASX today as they fell by 1.81 per cent. All the four major banks of Australia closed in red today.

The below table highlights the closing price of the stocks of the major banks (as on 14th May 2019) and the relative percentage fall in comparison to the previous closing price.

BanksClosing PricePercentage Fall
National Australia Bank Limited (NAB)AUD 24.2404.68%
Commonwealth Bank of Australia (CBA)AUD 72.5701.27%
Australia and New Zealand Banking Group Limited (ANZ)AUD 26.1001.25%
Westpac Banking Corporation (WBC)AUD 26.9000.81%

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(ASX: NAB) closed today at AUD 24.240, down by 4.68 per cent relative to the previous close, fourth in the list of worst performers on ASX. The shares of the bank dropped today as they were trading ex-dividend this morning. This means that whoever buys NAB shares today will not be eligible for its upcoming fully franked dividend of 83 cents per share. Under ex-dividend, the shares are traded lacking the rights to next dividend.

The shares of the Commonwealth Bank of Australia (ASX: CBA) dropped 1.27 per cent today and closed the day’s trade at AUD 72.57, due to its not-so-good quarterly performance in the quarter ending 31st March 2019. The bank released its quarterly performance update on 13th May 2019 which indicated that its headline profitability was impacted by higher remediation provisions during the quarter.

Westpac Banking Corporation (ASX: WBC) ended up lower at AUD 26.900 with a fall of 0.81 per cent today. In a recent update, the Australian Securities and Investments Commission (ASIC) alleged that the bank breached lending laws around 154,351 times.

The BHP Group Limited (ASX: BHP) also ended up lower at AUD 36.520 with a drop of 1.11 per cent in comparison to the last close stock price. The stock price of the company plunged today with the market analysts’ concerns about the company’s low level of investments compared to its peers. The analysts worry that it could result in lower operating earnings growth over the next few years.

The shares of CSL Limited (ASX: CSL) ended trading in red today at AUD 197.79 with a fall of 1.13 per cent in comparison to previous close price.


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