Big banks lead ASX losses as CBA falls back from record close
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The news: Finance stocks led declines on the ASX as the big four banks erased gains from Thursday's rally.
The numbers: Big four lenders ANZ (-2.3%), Westpac (-1.9%), NAB (-1.3%) and Commonwealth Bank (-1.1%) were all trading lower at 1:10pm AEST.
Financials was the worst performing sectoral index, dropping 1.1% as the ASX 200 index fell 0.5%.
The context: The big banks all closed higher on Thursday, as Commonwealth Bank climbed 1.5% to end at a new record high of $182.85. Westpac was up 1.7%, NAB up 1.1% and ANZ up 0.3%.
Earlier today, former Liberal senator Simon Birmingham was unveiled as the new CEO of the Australian Banking Association (ABA), replacing retiring incumbent Anna Bligh.
