The big four banks are taking a hit on the ASX after brokers caste doubt on prospects for revenue growth.
A short time ago, Westpac was down 1.86% to $31.73, the ANZ 1.81% to $29.35, NAB 1.35% to $30.01 and the Commonwealth 1.34% to $81.56.
The banks are the biggest drag on the market. A short time ago, the ASX200 was at 5,658.70, down 33.48 points or 0.59%.
Macquarie analysts have cut their bank sector rating to neutral from outperform.
They say earnings growth won’t keep pace.
And Citi has downgraded the Commonwealth and Westpac to sell and the ANZ to neutral. Its rating for NAB is steady on neutral.
Citi says revenue growth is slowing.