Mr Dawes said the bank will likely get a financial penalty and then life will go on. Falling share prices for banks could be a good buying opportunity, he added.
Meanwhile Mayne Pharma’s early morning profit warning dragged its stock down to close the day 11 per cent lower at 48¢. And in the early afternoon Metcash revealed an end to its supply deal with 7-Eleven, which pushed shares down 10 per cent, but it recovered to close 7.9 per cent lower at $2.80. Declines were off-set by strong gains by large mining companies with Fortescue Metals Group rising nearly 4 per cent to $9.50 and BHP adding 1.2 per cent to $37.19.
The best gains were seen with Avita Medical rising 7.7 per cent to 56¢, IPH Ltd rising 5.3 per cent to $8.20, and Jumbo Interactive rising 5.2 per cent to $20.99. The biggest declines were Mayne Pharma, Metcash, and oOh! Media falling 5 per cent to $2.83.
This has been a tough month on the exchange with the S&P/ASX 200 now just 61 points higher than it was at the start of November.
This means fund managers have just five sessions next week to generate some positive returns or risk ending the month lower, unless three weeks ago they picked some gems like Technology One (up 22 per cent for the month), Bingo Industries (up 21.5 per cent), and NRW Holdings (up 20.9 per cent).