What’s weighing on the Bank of Queensland’s stock on Monday?
The post The Bank of Queensland (ASX:BOQ) share price is having a lousy start to the week. Here’s why appeared first on The Motley Fool Australia. –
Bank of Queensland Limited (ASX: BOQ) shares are struggling on the ASX today, despite no news having been released by the company.
At the time of writing, the Bank of Queensland share price is $8.49, 1.28% lower than its previous closing price.
Additionally, the S&P/ASX 200 Financials Index (ASX: XFJ) has tumbled, at one point this morning down 0.52%, making it today’s worst-performing sector.
Let’s look at what has turned out to be a bad Monday for the Bank of Queensland and its peers.
What’s up with the Bank of Queensland share price today?
The Bank of Queensland is underperforming most of the ASX financial shares today for no obvious reason.
In fact, the only bank stock doing worse than the Queensland-based bank is the National Australia Bank Ltd (ASX: NAB).
Though, the NAB share price has an excuse for its poor performance. It went ex-dividend today, sinking 1.77% as a result.
Meanwhile, Macquarie Group Ltd (ASX: MQG) is the best performing ASX bank share, having gained 0.97% at the time of writing.
The last time the market heard price-sensitive news from the Bank of Queensland was on 28 October. Then, the bank announced it had sold its stake in insurer St Andrew’s.
The sale’s proceeds came to $23 million. The bank expects to recognise an indicative post-tax statutory loss of $26 million from the transaction in its results for the first half of financial year 2022.
The Bank of Queensland share price has fallen 9% over the last month. It’s currently 13% higher than it was at the start of 2021.
Should you invest $1,000 in Bank of Queensland right now?
Before you consider Bank of Queensland, you’ll want to hear this.
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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Macquarie Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.