Australian shares dip as CommBank drags bourse lower
Commonwealth Bank shares have tumbled while the broader Australian share market eased. -AAP Image
Australia's share market has stumbled, after a a snag in Commonwealth Bank's quarterly update sparked a dramatic sell-off that wiped roughly $12 billion from Australia's biggest company.
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The benchmark S&P/ASX200 fell 17.1 points on Tuesday, down 0.19 per cent, to 8,818.8, as the broader All Ordinaries lost 11 points, or 0.12 per cent, to 9,098.4.
The bourse had begun the session higher as the US government continued to lumber towards reopening, but it wasn't enough to ballast a 6.6 per cent tumble in CBA shares after the bank's quarterly update flagged rising operating costs and a dip in its net interest margin.
Investors wiped more than $12 billion from its $185 billion market cap, its worst daily performance since President Donald Trump's tariff polices sent global markets into a tailspin on April 7.
The Australian dollar is buying 65.24 US cents, down slightly from 65.27 US cents on Monday at 5pm.
