The ANZ bank is leading Australian stocks down

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Bank shares led the Australian market down this morning.

A short time ago, the ASX 200 was at 5,213.60, down 53.26 points or 1.01%.

The ANZ, which posted a disappointing full year cash profit on Thursday, lost 4% to $27.025 in early trade.

Westpac was weaker by more than 2% to $31.23. The Commonwealth was at $76.400, down 1%, and the NAB 1.15% to $30.11.

The big miners also dragged on the market with BHP at $22.98, down more than 2%.

Takeover target Asciano was up more than 6% to $8.06 after logistics group Qube paid about $1.7 billion for a blocking stake against Canada’s Brookfield Infrastructure. Qube was down more than 15 to $$2.17.

Macquarie Group was up 0.83% to $84.71 after reporting a stellar first half result and putting it on track for a record full year.

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