Shares in Australia’s major banks took a hit on Thursday, with National Australia Bank (NAB) at the forefront of the selloff following a disappointing first-quarter financial result. NAB’s stock fell 3.8%, leading the downward trend among the country’s big four banks.
By 2:45 PM AEDT, NAB’s peers were also in the red. Westpac saw a decline of 3.6%, ANZ dropped by 3%, and Commonwealth Bank of Australia (CBA) decreased by 1.5%. Macquarie Group, another significant player in the sector, fell by 1.4%. As a result, the broader financial sector saw a 2.3% drop, contributing to an overall decline in the ASX 200 index, which was down 1.3%.
NAB’s negative performance followed a troubling first-quarter report released on Wednesday, which revealed a drop in cash profit due to increased credit impairment charges and higher tax expenses. The bank’s poor results caused its share price to plummet by over 8%.
The selloff has extended into the broader financial market, with ASX 200 financial stocks now down nearly 7% since reaching a high of 9,262 on February 12. The decline follows a brief rally sparked by Commonwealth Bank’s stronger-than-expected half-year earnings report.
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