The Aussie share market or S&P/ASX 200 (INDEXASX: XJO) (^AXJO) fell 1% on Tuesday as broad losses hit the banks, technology darlings like Xero Ltd (ASX: XRO) and Afterpay Touch Group Ltd (ASX: APT) and aged care providers.
Today’s broad market malaise was echoed throughout Asia with Japan’s Nikkei 225 and India’s Bombay Stock Exchange failing to impress in early trading.
In the local financial sector, the big banks ended lower. The big news today was Commonwealth Bank of Australia’s (ASX: CBA) decision to return fees charged to clients who were in fact deceased.
Rask Media covered the story in detail here: CBA refunds & cut fees to fix advice
Shares in the technology space were among the worst performers, with market darlings such as Afterpay Touch Group Ltd (ASX: APT), Xero Ltd (ASX: XRO) and WiseTech Global Ltd (ASX: WTC) falling more than 4%, according to Google Finance. None of the companies made an announcement to the market.
Finally, aged care providers Japara Healthcare Ltd (ASX: JHC) and Estia Health (ASX: EHE) ended lower after the Government officially released the terms of reference for the upcoming Aged Care Royal Commission.
Following the findings of the banking Royal Commission, there are sure to be some skeletons falling out of the closets of aged providers.
Debt Free By 30 – Lessons From Australia’s Best* Investors
The Rask Group’s Australian Investors Podcast is fast becoming Australia’s #1 podcast for serious investors. It provides unique insights from Australia’s best investors, entrepreneurs, authors and financial thinkers. Download the latest episode free on iTunes, Castbox, YouTube or wherever you choose to listen.
*As voted by us