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Which big bank disappointed investors today?

Westpac leads the headlines today, after the Federal Court ordered the big bank to pay penalties totalling $113 million for widespread compliance failures across multiple businesses including Westpac’s bank & superannuation. Westpac shares fell 1.21% today following the Federal Court order.

The miners also took a hit today amid the release of quarterly activity reports. BHP fell 4.4% after warning that pandemic-related staff shortages would likely challenge the iron ore division in April and May, while Rio Tinto lost 2.4% today as component failures at newly-built mines are impacting the company’s iron ore production.

At the end of Friday’s session just two sectors of the ASX closed in positive territory after a widespread sell-off dampened the day led by heavy losses for metals and mining stocks.

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