Australia’s financial stocks, considered the cream of the local market in terms of dividends and stability, were hammered in the global market storm today.
Westpac, Australia’s oldest bank, lost 6% to close at $29.45. That’s a fall of 26% since April when the shares hit $40 each.
The other three banks also fell hard today. The ANZ dropped 5.05% to $26.91 and the NAB 4.65% to $29.71.
The Commonwealth, which in February was being touted as becoming a $100 stock, closed down 4.13% to $72.47.
Macquarie Bank, the highly successful local investment bank with three-quarters of its revenue offshore, lost 5.58% to $70.33.
AMP, the big wealth management group, closed down 5.38% to $5.80.
The regional banks also lost. The Bank of Queensland closed down 4.14% to $12.05 and the Bendigo and Adelaide Bank 4.75% to $10.22.