ASX jumps as Westpac hits decade high
The benchmark ASX 200 closed 46.70 points, or 0.53 per cent, higher to finish the day at 8,873.80, while the broader All Ordinaries finished 46 points or 0.51 per cent higher to 9,149.10.
The Aussie dollar slipped 0.14 per cent and is now buying 65.41 US cents.
Overall eight of the 11 sectors finished higher, led by utilities and financials stocks.
The bounce in financials comes just a day after the Commonwealth Bank announced its results which dragged the sector lower.
Westpac shares soared 6.31 per cent to $36.04 after the banking giant announced its unaudited statutory net profits for the last quarter jumped 14 per cent to $1.9bn.
Its all important core net interest margin was up 0.05 per cent to 1.85 per cent, while revenue jumped 4 per cent.
Shares reached a decade high on the result. Westpac's stronger than expected results helped drag the ASX 200 higher. Photo: Gaye Gerard / NewsWire Credit: News Corp Australia
NAB jumped 1.89 per cent to $38.88 and ANZ gained 1.98 per cent to $32.50 on the back on Westpac's results.
CBA continued its slide, down 1.13 per cent to $167.21.
Kodari Securities founder and chief executive Michael Kodari said big banks would likely drive the market higher.
'The big four continue to offer attractive value, particularly when compared to global peers,' he said.
'Following strong profit and fresh all-time high for Westpac, there could be more gains from the big banks over the next six months, likely taking the S&P/ASX 200 to a fresh record by the year's end.'
Investors also shrugged off figures released by the Australian Bureau of Statistics showing the unemployment rate fell to 4.2 per cent in July, from 4.3 per cent, despite it impacting future rate cuts.
VanEck head of investment and capital markets Russel Chesler said the data-driven Reserve Bank could pause further interest rate cuts.
'To nip inflation in the bud – an outcome that should help ease cost of living as well as interest rates – we think labour conditions need to loosen more than they have to date,' he wrote in an economic note.
'The unemployment rate is still at historically low levels.'
On a jammed pack day of reporting, Telstra shares slumped 2.61 per cent to $4.85 after the telco announced statutory net profit for the last financial year came in at a substantial $2.17bn, up nearly 34 per cent on this time last year. Eight of the 11 sectors finished in the green. NewsWire / Damian Shaw Credit: News Corp Australia
Healthcare imaging software group Pro Medicus posted a 40 cent increase in net profits to $115.2m on the back of new contracts in American hospital and radiology clinics. Shares jumped 6.24 per cent to $315.69 on the back of the announcement.
Suncorp Group shares rose 3.64 per cent to $20.77 after it announced its net profits after tax came in at $1.8bn after the business benefited from a favourable natural hazard experience and positive net investment income of $766m.
Redbubble parent company Articore announced it had its first profitable fourth quarter in five years, albeit on an EBIT basis. Overall net profit after tax improved 77 per cent to negative $1.4m. Articore Group shares were up 5.77 per cent to $0.275.
Furniture retailer Temple and Webster shares soared 8.75 per cent to $28.35 after announcing record revenues of $601m for financial year 2025, up 21 per cent compared to this time last year.
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28 minutes ago
- News.com.au
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