ASX 200 extends loses for second day, drops 1pc; NAB lifts rates after RBA hike; CBA cuts jobs
The sharemarket fell for a second day in a row, closing 1 per cent lower. NAB is the first major lender to lift rates after RBA's 11th hike. Gabriel Govinda, better known online as Fibonarchery, sentenced to imprisonment and fined. CBA cuts 230 jobs.
Welcome to the Trading Day blog for Wednesday, May 3. The sharemarket has lost ground for a second day in a row, with broad falls across the board, led by energy and financial stocks. CBA cuts 230 jobs. Ord Minnett hit with $880k fine. Amcor cuts full year outlook.
The ASX 200 index closed 1 per cent lower at 7,197.4 points amid broad falls, led by energy and financials after Tuesday’s shock decision by the RBA to raise the official cash rate to 3.85 per cent.
Energy stocks were hit after a 5 per cent fall in oil prices overnight.
The Aussie dollar is trading around US66.57c.
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