Market Wrap / banking bubble burst?

The local sharemarket fell on Wednesday, as banking stocks tumbled.

The S&P/ASX 200 Index fell 0.7% to 8,419.2 points.

The financial sector fell 1.9% with NAB shares plunging the most in nearly five years after its first-quarter cash earnings missed expectations. CBA shares fell for a fourth session, down 2.3%.

Oil and gas explorer Santos weighed on the energy sector which shed 2.2%. Santos shares fell 4.5% after it reported a 16% drop in annual profit.James Hardie rose 3.12% after the cement maker’s third-quarter profit beat the street.

Shares in Goodman Group were halted amid a $4 billion capital raise to find its data centre business growth plans. It’s the largest capital raising in Australia in more than three years. Goodman also posted an 8% rise in 1H operating profit to $1.2 billion.

And shares in Corporate Travel Management rose the most in almost two years on a positive FY25 outlook. The Kiwi dollar stabilised after earlier plunging as the RBNZ delivered another 50 basis point rate cut. The Aussie dollar was buying US63.6c at market close.

Tonight, the Fed hands down the minutes from its latest meeting while data on housing starts and building permits are released.