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)