The major banks are dragging the ASX down

Australia’s Bernard Tomic following deat during the Men’s Singles fourth round match against Lucas Pouille of France on day seven at Wimbledon. Adam Pretty/Getty Images

Australian stocks fell, breaking a four session rise.

The ASX 200 shed almost 1%. A short time ago, the index was at 5,230.10, down 51.68 points or 0.98%.

Financial stocks led the slide.

All the big four banks were down more than 1% with ANZ dropping 1.6% to $23.36 and the NAB 1.5% to $24.68. AMP lost 1.5% to $5.15.

Retailers were getting a hammering after official figures showing retail sales growth is trending down.

Harvey Norman shed 4.6% to $4.35, Myer 3.4% to $1.11 and JB Hi-Fi 2.6% to $23.85.

IGA supermarkets operator Metcash was down 3.7% to $1.925.

Mantra, the hotel accommodation group, dropped more than 10% to $3.05. Credit Suisse cuts its recommendation to a NEUTRAL.

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