ASX bank shares like National Australia Bank Ltd. (ASX: NAB) lead the Australian share market and ALL ORDINARIES (INDEXASX: XAO)(ASX: XAO) index lower on Wednesday.
All Ordinaries: down 0.6% at 6,042 points
Here’s what was making waves on the Australian share market today.
All Ords Movers
- Fortescue Metals Group Limited (ASX: FMG) – up 1.7%
- Reece Ltd (ASX: REH) – up 2.3%
- Blackmores Limited (ASX: BKL) – up 5%
All Ords Losers
- NAB – down 1.2%
- CSL Limited (ASX: CSL) – down 0.4%
- Commonwealth Bank of Australia (ASX: CBA) – down 0.6%
Australian Investing News
Making waves around Aussie financial markets was news from the Royal Commission into the banks. The ABC reports:
- Around 15% of NAB’s home loans don’t comply with all of the lending standards set out in its lending policy, and
- Around 1,360 customers have been identified as potentially being affected by dodgy loans but are yet to receive remediation
Further down the market, Big Un Ltd (ASX: BIG), a video production business, announced the resignation of its two secretaries. The announcement followed the resignation of Chairman Hugh Massie and a scathing report from Fairfax Media.
In property news, yourmortgage.com.au reported that Westpac Banking Corp (ASX: WBC) cut its investor loans by up to 1.05% in response to increasing competition amongst the major banks and regional lenders. Read more here.
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