ASX dips after banks, BHP drag bourse back from record high

On Friday, the S&P/ASX200 closed 18 points lower, or 0.3 per cent, at 6846 points. The most points were taken away by Commonwealth Bank, National Australia Bank, both down about 1 per cent, while BHP and Westpac both fell about 0.7 per cent.  APA Group was also a drag on the market with a 1.8 per cent fall to $11.

Friday was the last trading day of the month and, despite the one-day decline, the index was actually up 182 points or 2.7 per cent for November. The financial sector has been a huge drag on the market this month, largely due to last week’s announcement that Westpac is facing legal action and a potentially huge fine for alleged systemic non-compliance with anti-money laundering laws.

Ousted Westpac chief executive Brian Hartzer (right) resigned this week following the AUSTRAC revelations. He was replaced by Peter King (left). Credit:Louie Douvis

Westpac’s implosion had the biggest impact on the ASX 200, with its 12.8 per cent drop over the month to $24.53  stripping 47 points from the index. NAB and ANZ both dropped about 8.4 per cent this month, taking 50 points from the benchmark index between them.

The biggest percentage point decline in November was Costa Group, which lost nearly a quarter of its share price to close at $2.60. While wealth-management software firm Bravura Solutions gained 30.4 per cent over the month to $4.98.


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