Boring! The S&P/ASX 200 (INDEXASX: XJO) (^AXJO) and All Ordinaries (INDEXASX: XAO)(^AORD) indices ended mostly flat on Tuesday as ASX bank shares end mixed.
All Ordinaries: flat at 5,934 points
ASX 200: flat at 5,841 points
ASX Movers
- Qantas Airways Limited (ASX: QAN) – up 1.9%
- Cochlear Ltd (ASX: COH) – up 1.9%
- Commonwealth Bank of Australia (ASX: CBA) – up 0.2%
ASX Losers
- Platinum Investment Management Ltd (ASX: PTM) – down 3.4%
- Bellamy’s Australia Ltd (ASX: BAL) – down 2.8%
- AMP Limited (ASX: AMP) – down 4.4%
Australian Investing News
Making news in Australia and on the ASX 200, the Royal Commission into the banks and financial sector rolled on with yet more troubling news from the public hearings — adding more fuel to yesterday’s shocking revelations.
Today, shares in financial advisory business AMP ended down 4.4% after it was revealed that the bank chose shareholders over clients. The ABC reports that AMP’s head of financial advice, “lost count of the number of times the company misled corporate regulator ASIC over charging customers fees for no service.”
Imagine getting charged a hefty annual fee by a doctor or dentist because they store your medical records — it wouldn’t happen.
AMP and the big four banks are being forced to refund millions of dollars to clients for poor or no advice. CBA is the worst offender, given the value of its compensation bill.
Read more: Royal Commission Takes Aim At CBA, AMP, Westpac, NAB and ANZ
Shares of Blue Sky Alternative Investments Limited (ASX: BLA) continued their recent volatility, falling 6.4% today.
Finally, Bank of Queensland Limited (ASX: BOQ) shares ended 2.4% lower after it released its half-year financial report to the ASX. Read more: The BOQ HY Report Is Out.
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