Commonwealth Bank drops more than 3% as ASX slips below 8,000
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The news: Commonwealth Bank has shed more than 3% in morning trade, dragging on the financial sector as the ASX fell below 8,000.
The numbers: Shares in CBA, the market's biggest stock, were down 3.4% to $148.36 at 11am AEDT. Fellow big four lenders Westpac (-2.2%), ANZ (-1.6%) and National Australia Bank (-0.6%) also fell.
Financials, down 2.3%, was the worst performing sector as the ASX 200 lowered 1.3%.
The context: CBA extended losses from Thursday, after the banking giant completed the sale of its remaining 4.4% shareholding in Vietnam International Commercial Joint Stock Bank for approximately $170 million.
Meanwhile, Westpac shares slid as the lender confirmed that its veteran executive and head of its consumer banking business, Jason Yetton, will leave the group.
