by Chris Becker
It was never going to be a stellar day on the stock market, as traders preposition for the most important economic print on the calendar, tonight’s US unemployment release in addition to the poor lead from US stocks which fell on news of a widening investigation into Trump’s collusion with the Russians. Alleged, sorry, alleged.
Commbanks stock dropped at the open and now at lunch is moving lower quickly, off nearly 3% as the ramifications of its Austrac money laundering legal case sink in:
The other divisions of Megabank are doing much better, with ANZ off only 0.5%, NAB steady and WBC down around 0.4% while the wider market is off only 0.1% to 5728 points on the ASX200.
CBA will publish its full year results mid next week and goes ex-dividend shortly after. Some brave buyers might think of scooping up some stock on this play, with the grossed up dividend yield at least 6.5% before these troubles.
One wonders if the dividend will be cut to pay for the fine?