Quay Mid-Day Market Update

The Australian Share market in a flat open to the week as any positivity from a strong Wall Street lead was wiped out by disappointing earnings from Westpac. Westpac this morning posting a cash profit of $3.778 billion which was short of analysts’ expectations of $3.85 billion. Net profit at $3.609 billion while paying a fully franked interim dividend of 93 cents. Obviously a disappointing result with question marks now over its ability to deliver future growth, while its weak dividend growth also disappointed. WBC also looking to raise $2 billion in fresh capital through its dividend reinvestment program. While it was the first result since its new CEO Brian Hartzer took over from Gail Kelly and included an $85 million after tax charge on new accounting treatment for derivatives, the miss lead to poor sentiment across the sector. ANZ (-1.82%), CBA (-0.9%), NAB (-1.17%), WBC (-3.43%) all in the red, however all are well off morning lows which was a harsher then expected. Market Turnover into lunch was $1.810 billion. For the entire wrap please visit (VIEW LINK)


1 topic

Quay Equities is a privately owned investment advisory firm independent of banks and brokers. This enables us to focus solely on our clients’ needs whilst providing conflict-free advice on Australian Shares. The team at Quay specialise in...

Expertise

No areas of expertise

I would like to

Only to be used for sending genuine email enquiries to the Contributor. Livewire Markets Pty Ltd reserves its right to take any legal or other appropriate action in relation to misuse of this service.

Personal Information Collection Statement
Your personal information will be passed to the Contributor and/or its authorised service provider to assist the Contributor to contact you about your investment enquiry. They are required not to use your information for any other purpose. Our privacy policy explains how we store personal information and how you may access, correct or complain about the handling of personal information.