The Australia and New Zealand Banking Group Ltd (ASX: ANZ) share price plummeted 7.5% in May.
The Australian banking giant provided the market with two important updates during the month, which impacted the ANZ share price.
We take a look at the announcement and how the company’s shares reacted.
What happened to ANZ in May?
Early last month, ANZ delivered its half-year results to the market, which came ahead of shareholder expectations.
Subsequently, the bank’s shares rose 0.44% to $27.38 on the day.
However, the following six consecutive days did not bode well for ANZ shares, falling a total of 8.3%.
Broader market weakness and volatility hit the S&P/ASX 200 Index, which shed more than 5% over the same timeframe.
In addition, ANZ capped it off with a 2.83% loss yesterday after investors digested the news regarding the Australian Securities and Investments Commission (ASIC) proceedings.
The ASX regulator announced it has commenced a civil penalty proceeding on the charging of credit card cash advance fees in some circumstances.
The claim relates to a situation where “funds are deposited to put a credit card account into a credit balance, and a cash advance is subsequently made on the account drawing down on the credit balance before the deposit is processed”.
Although ANZ did not provide further comment, the matter is being taken to the court.
About the ANZ share price
Over the past 12 months ANZ shares have shed around 10%.
The company’s share price reached a 52-week low of $24.65 in March before rebounding higher momentarily and then falling again.
On valuation grounds, ANZ presides a market capitalisation of roughly $69.96 billion.
At the close of trade on Wednesday, the bank’s shares finished up 1.04% at $25.30.
The post May wasn’t kind to the ANZ share price. Here’s what happened appeared first on The Motley Fool Australia.
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More reading
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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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