S&P/ASX 200 Closes lower as Commonwealth Bank of Australia Tumbles

January 22, 2018

Rask ASX News Team

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Commonwealth Bank of Australia (ASX: CBA) shares led the S&P/ASX 200 (INDEXASX: XJO)(ASX: XJO) index to a lower finish on Monday.

ASX 200 – down 0.2%

All Ords – down 0.2%

Here are the shares which moved the market.

Biggest Gainers

Yancoal Australia Ltd (ASX: YAL) – up 3.2%
A2 Milk Company Ltd (ASX A2M) – up 1.5%
Treasury Wine Estates Ltd (ASX: TWE) – up 2.7%
Woolworths Limited (ASX: WOW) – up 1.1%
Nine Entertainment Co Holdings Ltd (ASX: NEC) – up 6.9%

Biggest Losers

BlueScope Steel Ltd (ASX: BSL) – down 3.4%
South32 Ltd (ASX: S32) – down 2.3%
Domain Holdings Australia Ltd (ASX: DHG) – down 17%
Fairfax Media Limited (ASX: FXJ) down 9.7%
Mayne Pharma Ltd (ASX: MYX) – down 6.7%

Commonwealth Bank of Australia, Australia’s largest company, fell 1.2% and was the worst-performing big bank share on Monday. Westpac Banking Corp (ASX: WBC) fell 1.16%. No material news was released by either company, however, a Royal Commission into the financial sector looms. In addition, analysts at investment group Citi released a negative note saying that they believe CBA faces a number of challenges this year, including finding a new CEO.

Further down the market and Domain Holdings, the owner of the growing property portal, fell 17% today. Despite listing on the ASX only a few months ago, Domain’s CEO quit unexpectedly.

“When I re-joined Fairfax in November 2013, I made a commitment to my young family that I could be there for them and do the job,” Domain CEO Antony Catalano said. “It has become clear to me that doing the job of a listed company CEO the way it needs to be done means that I am not meeting that family commitment. It was also becoming apparent that I needed to relocate to Sydney and that was something.”

Yancoal Australia, the $7 billion coal miner, released its latest quarterly production report on Friday and investors reacted positively today. Yancoal reported production up 92% on the prior year.

Meanwhile, shares of Australian Pharmaceutical Industries Ltd (ASX: API) fell 3.6% following a market update. API is the $750 million owner of chemists like Priceline pharmacies and operator of Soul Pattinson Chemists. Read the update here.

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