Stock take: Friendless banks and is Ardent Leisure a takeover target?

Editorial director of Switzer Super Report and Switzer Daily
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Just last month, Paul Rickard believed the banks were in the buy zone with beaten-down share prices reflecting global economic concerns, the spectra of negative interest rates (which could squeeze bank margins) and the usual fears about the banks’ exposure to a possible housing price bubble. Paul noted that there was also unease about falling commodity prices with “market fears that there may be some horrible exposures, leading to large write-offs”.

At the time of writing, the banks’ prices were a bargain buy with ANZ’s closing price at $22.56, Commonwealth Bank at $70.72, NAB at $24.41 and Westpac at $28.56.

Share prices have since risen but remain under pressure, with the big four banks falling 2% on Tuesday, continuing last Thursday’s sell off.

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