ASX 200 Extends Losses, Commonwealth Bank Plunges

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ASX 200 Extends Losses, Commonwealth Bank Plunges
Credit: © Reuters.

By Oliver Gray - The S&P/ASX 200 closed lower on Wednesday, dropping 50.50 points or 0.68% to 7,369.90 and extending declines of 0.7% in the previous session as heavyweight banking names fell, while mining companies traded lower amid weaker iron ore and gold prices.

Among stocks, Commonwealth Bank Of Australia (ASX: CBA ) closed 8.27% lower after reporting earnings results, noting that fierce price competition in the home loan market was eroding its profit margins. Other financial stocks suffered, with Australia and New Zealand Banking Group Ltd (ASX: ANZ ) down 2.23%, National Australia Bank Ltd (ASX: NAB ) falling 1.51% and Westpac Banking Corp (ASX: WBC ) down 1.63%.

Nufarm Ltd (ASX: NUF ) also plunged 8.57% despite reporting better than expected results.

Meantime, major mining stocks fell, with Rio Tinto Ltd (ASX: RIO ) down 1.15%, BHP Billiton Ltd (ASX: BHP ) falling 1.89% and Fortescue Metals Group Ltd (ASX: FMG ) down 2.14%. gold miners also traded lower, with Chalice Gold Mines Ltd (ASX: CHN ) down 4.55%, Evolution Mining Ltd (ASX: EVN ) falling 3.63%, Newcrest Mining Ltd (ASX: NCM ) shedding 2.16% and Northern Star Resources Ltd (ASX: NST ) down 1.53%

On the bond markets, Australia 10-Year yields lifted to 1.868% while United States 10-Year rates were at 1.642%.

In New Zealand, the NZX 50 lost 0.51% to close at 3-month lows of 12837.

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