Is this weighing on the Bank of Queensland’s stock today?
The post Why is the Bank of Queensland share price slipping again on Thursday? appeared first on The Motley Fool Australia. –
The Bank of Queensland Limited (ASX: BOQ) share price slipping amid news of rising international interest rates and the bank’s appearance at the Macquarie Australia Investor Conference.
And the bank’s stock is far from alone in the red. The S&P/ASX 200 Financials Index (ASX: XFJ) is the only S&P/ASX 200 Index (ASX: XJO) sector trading lower on Thursday.
At the time of writing, the Bank of Queensland share price is $7.82, 1.08% lower than its previous close.
For context, the ASX 200 is currently up 0.63%.
Let’s take a look at what might be going on with the bank’s shares today.
Why is the Bank of Queensland share price falling?
The Bank of Queensland share price is lower today despite the bank outlining progress made on its transformation.
It told the Macquarie Australia Investor Conference that it’s achieving growth and returns, its ahead of schedule in its acquisition of ME Bank, its digital transformation is bringing about advantages, and its on top of its cultural transformation.
However, the bank’s stock might be being weighed down by the broader finanical sector.
Right now, the ASX 200 financials sector is down 0.47%. The Bank of Queensland’s stock is coming in as the sector’s seventh worst performer.
Additionally, much of the index might be reeling from news the United States Federal Reserve increased interest rates by 0.5% overnight.
The nation’s funds rate now has a target range of between 0.75% and 1%. The increase is an effort to reduce inflation.
Unfortunately, the Bank of Queensland share price’s slip comes just one day after the stock traded ex-dividend.
The bank’s shares slumped 2.71% on Wednesday as new investors missed out on securing its upcoming interim dividend.
That leaves it trading nearly 4% lower than it was at the end of last week.
The post Why is the Bank of Queensland share price slipping again on Thursday? appeared first on The Motley Fool Australia.
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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 has recommended Macquarie Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.