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- The financial sector was one of the worst performing sectors on ASX today at 2:22 PM AEST.
- The Australian ‘big four’ banks, however, were trading in green despite the poor performance of the financial sector.
The S&P/ASX 200 Financial sector (ASX:XFJ) was spotted trading in the red territory during the afternoon trading hours today. The Financial sector marked a loss of 0.199% or 11.9 points at 5965.4 points at 2:22 PM AEST on ASX today (19 July).
The Financial sector was, however, one of the best performing sectors on ASX yesterday (18 July). It seems that an announcement by Australia And New Zealand Banking Group (ASX:ANZ) about its deal with Suncorp might have impacted the entire sector yesterday.
The announcement stated that as per the agreement reached between ANZ and Suncorp (ASX:SUN), the latter will sell its banking operation arm to ANZ for AU$4.9 billion. As a result, Suncorp shares closed over 6% strong on ASX yesterday.
In this article, we will primarily focus on the performance of the shares of Australian ‘big four’ banks on ASX after the announcement of the ANZ-Suncorp deal.
Australia And New Zealand Banking Group Limited (ASX:ANZ)
One of the Australian ‘big four' banks, Australia And New Zealand Banking Group Limited (ASX:ANZ), has put itself under a trading halt on ASX followed by yesterday’s announcement. On 18 July, the bank released a series of announcements on the ASX concerning the acquisition of Suncorp’s banking arm for AU$4.9 billion.
ANZ’s share price has declined nearly 20% on the ASX in the last 12 months
Commonwealth Bank of Australia (ASX:CBA)
Shares of another major Australian bank, Commonwealth Bank of Australia (ASX:CBA), were trading in green during the afternoon trading hours. The shares of Commonwealth Bank gained 0.328% to AU$94.55 per share at 2:12 PM AEST on the ASX today (19 July).
Commonwealth Bank’s share price has dropped by 3.19% during the past 12 months. While Commonwealth Bank’s YTD-based share price declined almost 8% (as of 2:12 PM AEST on the ASX today, 19 July).
National Australia Bank Limited (ASX:NAB)
Shares of National Australia Bank Limited (ASX:NAB) advanced 0.896% to AU$29.26 per share at 2:21 PM AEST on ASX today (19 July).
NAB shares have performed well on the ASX in the past one year. NAB’s share price has gained almost 14% on ASX in a year. On the contrary, NAB’s year-to-date share price fell just 0.48% (as of 2:21 PM AEST on the ASX today, 19 July).
Westpac Banking Corporation (ASX:WBC)
Shares of Westpac Banking Corporation (ASX:WBC) gained 0.297% to AU$20.21 per share at 2:24 PM AEST on ASX today (19 July).
In the past one year, Westpac’s share price has declined almost 18% on the ASX. On a YTD basis, Westpac’s share price also fell by almost 7% (as of 2:24 PM AEST on the ASX today, 19 July).
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