NAB leads banking selloff as financial stocks shed 2%
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The news: NAB led further declines across Australia's big four lenders on Thursday following the bank's disappointing first-quarter result on Wednesday.
The numbers: NAB (-3.8%), Westpac (-3.6%), ANZ (-3%) and Commonwealth Bank (-1.5%) were all trading lower at 2:45pm AEDT, as was fellow banking major Macquarie Group (-1.4%).
The financial sector overall was down 2.3%, while the ASX 200 index was 1.3% lower.
The context: NAB was one of the market's biggest losers on Wednesday, seeing more than 8% wiped off off its share price after reporting a drop in its first-quarter cash profit on the back of higher credit impairment charges and income tax expenses.
ASX 200 financial stocks have tumbled nearly 7% since hitting a high of 9,262 on 12 February, boosted by Commonwealth Bank's better-than-expected half-year result.
