Shock state levy spoils bank recovery on ASX

A new round of selling in the big four banks after the South Australian government unveiled its own state-based version of the federal bank levy kept the market suppressed on Friday, holding back the market’s recovery after a heavy mid-week sell-off.

The benchmark S&P/ASX200 index ended Friday’s session up 15 points, gaining 0.2 per cent to 5715.9. But two days of positive trading weren’t enough to overcome Wednesday’s large 1.6 per cent drop, as well as Tuesday’s smaller one, with the index ending the week down 1.0 per cent. The broader All Ordinaries index ended the week down 0.9 per cent.

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