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CA
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Highlights:
- All the 11 significant sectors under the S&P/ASX 200 index have ended in red territory today, including the ASX 200 Financial sector.
- Of late, the ASX 200 Financial sector has become quite volatile on the ASX due to rising inflation in Australia.
- This article primarily features the big four Australian banks- ANZ, CBA, NAB, and WBC.
The ASX 200 Financial sector has been quite volatile since the beginning of 2022, as Australia began witnessing rising inflation in the country. Whenever there is an inflation or an economic crisis in a country, the financial sector gets affected the most.
All the significant sectors under the S&P/ASX 200 index have ended today’s trading session in the red territory.
The S&P/ASX 200 Financial sector (INDEXASX:XFJ) closed at 6120.7 points after losing 2.175% on Monday.
Meanwhile, the ASX 200 Banks (INDEXASX:XBK) closed 2.183% lower at 2500.9 points after losing 55.8 points on the ASX today.
What else is happening within the Australian Finance industry?
According to some media house reports, the financial scenario of Australia is likely to undergo a massive transformation in the coming months. It is believed that the economic system of Australia had so far been dominated by the ‘big four’ banks. However, soon it is likely to change, and the financial system will now be in control of an AU$3.4 trillion pool of superannuation assets.
Although there is a change of super assets to completely block banking assets from the Australian financial system, the real concern is with the efficiency of these super assets. Will these super assets be as efficient as banking assets when it comes to serving the Australian economy? This question has become significant now.
These super assets are likely to allocate more marginal dollars towards lending directly to Australian businesses. However, there are several other factors that might prevent the growth of corporate lending.
Meanwhile, here in this article, we will mainly discuss about the performance of ‘big four’ Australian banks on the ASX-
- Australia and New Zealand Banking Group Limited (ASX:ANZ).
- Commonwealth Bank of Australia (ASX:CBA).
- National Australia Bank Limited (ASX:NAB).
- Westpac Banking Corporation (ASX:WBC).
Australia and New Zealand Banking Group Limited (ASX:ANZ)
Image source: © Nilsversemann | Megapixl.com
Australia and New Zealand Banking Group Limited (ASX:ANZ) shares closed 2.264% lower AU$22.440 per share on the ASX today (29 August).
In a span of a year, ANZ’s share price declined by 19.22% on ASX. Furthermore, ANZ’s YTD-based share price also declined by 19.22% as of 4:10 PM AEST on the ASX.
Commonwealth Bank of Australia (ASX:CBA)
Commonwealth Bank of Australia (ASX:CBA) shares closed 2.064% lower at AU$96.280 per share on ASX today.
Within last one year, Commonwealth Bank’s share price came down by 4.12% on the ASX. Moreover, Commonwealth Bank’s YTD-based share price declined by more than 6% on the ASX today.
National Australia Bank Limited (ASX:NAB)
Shares of National Australia Bank Limited (ASX:NAB) closed trading at AU$29.8 per share after losing by 2.646% on the ASX today.
National Australia Bank’s share price marked a gain of 8.35% on the ASX over the last 12 months. On the other hand, NAB’s YTD-based share price gained by 1.50% on the ASX today.
Westpac Banking Corporation (ASX:WBC)
Westpac Banking Corporation (ASX:WBC) shares closed 1.89% lower at AU$21.27 per share on the ASX today.
The share price of Westpac marked a loss of 17.56% on ASX in last 12 months. On the other hand, Westpac’s YTD-based share price dropped by 1.80% on the ASX today.
