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Banking industry

Australian Shares Record Worst Weekly Loss in Nearly Two Years

Strategic Insights

— 1 min read

The Australian share market suffered its worst weekly loss in nearly two years, with a 3.1% decline over the past week, following disappointing earnings results from major banks and worsening global sentiment. The All Ordinaries fell 0.1% on the final trading day of the week, closing at 5635.4, while the ASX 200 dropped 0.2% to 5634.6.

Key Takeaways:

  • The Australian share market recorded its worst weekly loss in nearly two years, with a 3.1% decline over the past week.
  • The All Ordinaries fell 0.1% on the final trading day of the week, closing at 5635.4.
  • The ASX 200 dropped 0.2% to 5634.6, its worst week since June 2013.
  • The banks led the market's decline, with the financial sector plunging 4.3% over the week.
  • National Australia Bank (NAB) was a standout performer, with its 2015 first-half cash profit up 5.4% to $3.3 billion, compared to its peers.
  • Citi ranked NAB as its top major bank, citing its strong performance and improved results.
  • Watermark Funds Management's Omkar Joshi agreed with Citi's ranking, calling NAB's result a "good result".

Statistics:

  • 3.1%: The Australian share market's weekly loss, its worst in nearly two years.
  • 5635.4: The All Ordinaries' closing price on Friday.
  • 5634.6: The ASX 200's closing price on Friday.
  • 4.3%: The financial sector's weekly loss.
  • $60 billion: The combined market value of the big four banks ' losses over the week.
  • 10-15%: The stocks of the big four banks ' decline since their mid-March highs.
  • 5.4%: NAB's 2015 first-half cash profit growth.
  • 3.1%: NAB's underlying group profit growth half-on-half.
  • $32.35: ANZ's closing price on Friday.
  • $35.20: NAB's closing price before it was placed in a trading halt.
  • $82.64: Commonwealth Bank's closing price on Friday.
  • $34.05: Westpac's closing price on Friday.

Sources:

  • AMP chief economist Shane Oliver, cited in the article.
  • Citigroup, mentioned as ranking NAB as its top major bank.
  • Watermark Funds Management, cited through Omkar Joshi's comments.
  • The Australian newspaper, cited in the article.

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