It’s a rough day on the market for S&P/ASX 200 Index (ASX: XJO) bank shares.
In fact, it’s proving to be a tough one for nearly all stocks on the S&P/ASX 200 Financials Index (ASX: XFJ). The sector has slumped 0.65% at the time of writing, with only a few financial bigwigs posting gains.
Let’s take a closer look at what’s going on with the index and how the ASX 200 big four banks are tracking on Thursday.
What’s weighing on ASX 200 bank shares today?
The ASX 200 has been wobbling on Thursday. After spending much of this morning in the red, the broader market has regained its feet to record a 0.11% gain.
Still, the market is being weighed down by its financial constituents’ struggles. The sector is one of its worst performers today.
Though, the financial sector is doing better than the S&P/ASX 200 Information Technology Index (ASX: XIJ). It’s fallen 1.7% at the time of writing.
Unfortunately, ASX 200 bank giants haven’t managed to avoid today’s downturn.
The Australia New Zealand Banking Group Ltd (ASX: ANZ) share price has slumped 0.93%.
Meanwhile, shares in the Commonwealth Bank of Australia (ASX: CBA) and Westpac Banking Corp (ASX: WBC) have slipped 0.74% and 0.21% respectively.
The National Australia Bank Ltd (ASX: NAB) share price is outperforming its big four peers to record a 0.03% slide.
NAB’s slightly better performance might be due to news it’s completed its $2.5 billion buyback. Excitingly, the bank has announced it’s now embarking on another buyback that could prove to be the same size.
Another banking giant, Macquarie Group Ltd (ASX: MQG), is also suffering today, posting a 1.37% slip.
Buy now, pay later provider Zip Co Ltd (ASX: Z1P) is the sector’s biggest weight, falling 6.38%.
Finally, right now, there are only 2 ASX 200 financial stocks in the green today. Those are embattled Magellan Financial Group Ltd (ASX: MFG) – posting a 0.41% gain – and AMP Ltd (ASX: AMP) – up 1.06%.
As market watchers might be aware, Magellan announced the departure of its co-founder and former chair, Hamish Douglass, this week.
While there’s been no news from AMP, the battered company’s stock is 80.9% lower than it was 5 years ago.
The post Why are ASX 200 bank shares underperforming on Thursday? appeared first on The Motley Fool Australia.
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More reading
- NAB share price lower despite new $2.5bn buyback
- 5 things to watch on the ASX 200 on Thursday
- Own ANZ shares? Here’s why today was a big day for the bank
- Why did the CBA share price just close at a new 2022 high?
- NAB, ANZ and CBA shares in focus as top broker tips extra $5b share buyback
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