Australian shares lifted by banks, Westpac surges to over a decade-high
The S&P/ASX 200 index rose 0.6% to 8,880.20 points as of 0054 GMT. The benchmark closed 0.6% lower on Wednesday.
Financials reclaimed some losses from Wednesday, climbing 1.2% on Thursday.
Westpac advanced as much as 7% to its highest level in more than a decade after posting a 5% rise in third-quarter net profit and an increase in net interest margin — the spread between interest earned from loans and what it paid to depositors.
Meanwhile, CBA extended losses, with a 0.6% decline, as investors sold off shares of one of the most expensive banks in the world. Despite reporting a record profit and dividend payout, investors failed to see the appeal of the bank's high valuations.
ANZ and NAB rose around 2% each. ANZ Group will announce its quarterly results on Friday before market opens.
A 25-basis-point interest rate cut by the Reserve Bank of Australia earlier in the week, along with a dovish tone, has boosted market expectations of further cuts this year, a move that could potentially increase lending volumes for the banks.
Another benefactor of lower borrowing costs, real estate stocks, were up as much as 0.6%, trading near their strongest level since October.
Miners added 0.4%, with BHP and Fortescue climbing 0.3% and 0.9% respectively.
Gold stocks rose 1% to their highest level since mid-June, while energy stocks were flat.
Australian power producer Origin Energy emerged as the top performer on the benchmark as it jumped more than 7%after reporting better-than-expected annual profit and an upbeat forecast for fiscal 2026. The stock hit its highest level in nearly 11 years.
New Zealand's benchmark S&P/NZX 50 index rose 0.4% to 12,821.67 points.
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