Australian banking stocks got run over in the stampede today

Photo: Getty/Denis Doyle

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.

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