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NAB Shares Dragged The ALL ORDINARIES Down

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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