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3 ASX shares of the week

In what has proved to be a rather painful week on the Australian share market, the ASX has closed the week lower. The S&P/ASX200 (ASX: XJO) index started the week off at 6,740 points but ended yesterday at 6,669 points – a drop of 1.05%

Here are 3 ASX shares that caught my eye this week…

Australia and New Zealand Banking Group (ASX: ANZ)

ANZ really takes the negativity cake this week. The big four bank dismayed its investors by reducing the franking level on its dividend from 100% to 70%, despite maintaining an 80 cents per share payout. ANZ shares have been in the red ever since and finished the week 6.6% lower. This cut has also dragged down the other ASX banks as well, with National Australia Bank Ltd (ASX: NAB), Westpac Banking Corp (ASX: WBC) and Commonwealth Bank of Australia (ASX: CBA) all finishing the week in the red.

Pro Medicus Limited (ASX: PME)

Another ASX stock that’s had a horror week has been Pro Medicus. Shares of this healthcare technology company plummeted nearly 11% this week as the fallout from its rival Canon winning a major contract for WA Health last month continued. Still, even on this week’s prices, the PME share price has more than doubled in 2019 so far.

New Hope Corporation Limited (ASX: NHC)

Ending on a positive note, shares of this coalminer jumped 6.6% yesterday after the Queensland Court of Appeal gave the green light for New Hope to receive final approval for its New Acland Coal Mine. It would have been a welcome development for New Hope shareholders, who have watched the company’s shares lose over 30% of their value over 2019 so far.

Foolish Takeaway

It’s been a tough time this week for the ASX markets, especially for anyone owning bank shares. Still, as famous investor Benjamin Graham once said, the market is a voting machine in the short term and a weighing machine in the long run, so who knows what next week will hold?

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Sebastian Bowen owns shares of National Australia Bank Limited. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and recommends Pro Medicus Ltd. The Motley Fool Australia owns shares of National Australia Bank Limited. The Motley Fool Australia has recommended Pro Medicus Ltd. 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 Scott Phillips.