Commonwealth Bank and Listed Company Market

: Investors were reportedly spooked by job cuts at Woolworths and financial results posted by the big four banks, according to Nine News Australia. Commonwealth Bank, Australia biggest listed company by market value, was the biggest drag on the broader share market, falling to a four-month low."The quarterly result did not excite the market - they wanted more in terms of earnings," Patersons Securities economist Tony Farnham said."God only knows what the issue was."Commonwealth Bank flat $2.2 billion cash profit for March quarter caused its share price to sink by $5.16, or 5.9 percent, to close at a four-month low of $82.98. The S&P/ASX200 index plummeted by 2.3 percent today, the steepest drop since February 2013. Westpac had lost $1.29, or 3.7 percent, closing at a seven-month low of $33.99.ANZ was down 91 cents, or 2.7 percent, to $33.21 while National Australia Bank shed 97 cents to $35.20, a day ahead of its half-year results. Supermarket giant Woolworths had lost $1.49, or five percent, to $28.14, hitting a two-week low. The financial sector was the single biggest drag on the market, losing 3.25 percent of its value a day after the Reserve Bank lowered the official interest rate, but gave no indications of any further cuts. (news.financializer.com). As reported in the news.