The banks acted as a heavy drag on the ASX today, which ended the session deep in the red.

Here’s a quick recap:

  • S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) down 1.1% to 5,084 points
  • ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) down 1% to 5,153 points
  • AUD/USD at US 75.06 cents
  • Iron Ore at US$57.87 a tonne, according to the Metal Bulletin
  • Gold at US$1,219.18 an ounce
  • Brent oil at US$40.55 a barrel

An announcement made by Australia and New Zealand Banking Group (ASX: ANZ) this morning regarding a blowout in its bad debt charges set an ugly scene for local shares today.

The bank’s shares plunged 5.2%, while those of its rivals Commonwealth Bank of Australia (ASX: CBA), National Australia Bank Ltd. (ASX: NAB) and Westpac Banking Corp (ASX: WBC) all fell between 2.5% and 4.6%.

The miners didn’t provide much support either. BHP Billiton Limited (ASX: BHP) lost 3.4% while Rio Tinto Limited (ASX: RIO) shed 3.6% as well.

Mesoblast limited (ASX: MSB) and Crown Resorts Ltd (ASX: CWN) managed to buck the trend, rising 4.4% and 2.9%. St Barbara Ltd (ASX: SBM) wasn’t so lucky, losing 8.2%.

Here are Thursday’s top stories:

  1. Why the Australia and New Zealand Banking Group share price was hammered today
  2. ANZ forecasts $100 million blowout in bad debts
  3. Iron ore could be about to crash
  4. Why the BHP Billiton share price has fallen 3.8% today
  5. 5 ASX tech shares that are beating the market in 2016
  6. Is there more to come for Bellamy’s and Blackmores?

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Motley Fool contributor Ryan Newman owns shares of Bellamy's Australia. Unless otherwise noted, the author does not have a position in any stocks mentioned by the author in the comments below. You can follow Ryan on Twitter @ASXvalueinvest.

The Motley Fool Australia owns shares of Bellamy's Australia. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.