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Market Wrap: Banks on the ropes again as ASX sheds gains

Despite its promising start, the ASX ended flat today after spending much of the afternoon in the red.

Here’s a quick recap:

  • S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) flat at 5010 points
  • ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) up 0.1% to 5081 points
  • AUD/USD at US 76.21 cents
  • Iron Ore at US$55.11 a tonne, according to the Metal Bulletin
  • Gold at US$1,236.21 an ounce
  • Brent oil at US$39.37 a barrel

Following the lead set by Wall Street overnight, local shares climbed higher this morning. Unfortunately, however, the banks were unable to maintain their gains, leading the market back down in afternoon trade.

Once again, it was Australia and New Zealand Banking Group (ASX: ANZ) that was the worst of the banks. Its shares fell 0.4%, while Commonwealth Bank of Australia (ASX: CBA) was the best of the bunch, rising 0.3%.

The miners had a mixed day as well, but ultimately ended the day lower. BHP Billiton Limited (ASX: BHP) dropped 0.5%, while Woodside Petroleum Limited (ASX: WPL) and South32 Ltd (ASX: S32) fell 2.6% and 2.1%.

Select Harvests Limited (ASX: SHV) was one of the worst performers, shedding 8.7%. St Barbara Ltd (ASX: SBM), on the other hand, managed to lift 8.1%.

Here are Wednesday’s top stories:

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Motley Fool contributor Ryan Newman has no position in any stocks mentioned. 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 has no position in any of the stocks mentioned. 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.

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