AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED

(ANZ)
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Delayed Australian Stock Exchange  -  02:10 2022-08-17 am EDT
23.87 AUD   +0.17%
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Australian shares end higher as govt signals ease in lending standards

09/25/2020 | 02:30am EDT

* Benchmark index records its best week in 6

* "Big Four" banks jump; Westpac adds nearly 7%

* Gold stocks snap four day losing streak

Sept 25(Reuters) - Australian shares ended the week on a positive note, boosted by heavyweight banks, as investors cheered the government's signals to ease lending standards to free up credit and revive the pandemic-hit economy.

The "Big Four" banks helped the S&P/ASX 200 index close 1.5% higher. The benchmark index recorded its best weekly gain since the week ended Aug. 14.

The changes remove responsible lending laws introduced in the wake of the global financial crisis that, among other things, require banks to check whether information provided by borrowers in their loan applications is correct.

Calling the move a very good sign from banks' point of view, Henry Jennings, senior analyst and portfolio manager at Marcustoday Financial Newsletter said, "It would enable people to get a loan quicker, speed up the paperwork, free up the credit market and hopefully stimulate some economic activity."

Jumping nearly 7%, Westpac Banking Corp was the biggest percentage gainer among its peers with others adding between 2.8% and 6.4%.

Aiding sentiment, Fitch Ratings said the A$1.3 billion ($918.19 million) record fine agreed by Westpac to settle a lawsuit by financial crime agency AUSTRAC is manageable for the Australia's second-largest lender.

Among other gainers, gold stocks rallied more than 2.5% as bullion prices recovered from a two-month low.

Shares of the top listed gold miner Newcrest Mining advanced 2.6% while Northern Star Resources snapped a six-day losing streak.

Across the Tasman Sea, New Zealand's benchmark S&P/NZX 50 index gained 0.9% to end the session at 11,797.08.

Local shares of Westpac Banking Corp climbed 7.7%, while Australia and New Zealand Banking Corp marked its best day in more than three months.

($1 = 1.4158 Australian dollars) (Reporting by Deepali Saxena; editing by Uttaresh.V)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED 0.17% 23.87 Delayed Quote.-12.69%
COMMONWEALTH BANK OF AUSTRALIA 0.26% 99.62 Delayed Quote.0.46%
NATIONAL AUSTRALIA BANK LIMITED 0.90% 31.32 Delayed Quote.7.63%
NEWCREST MINING LIMITED 0.73% 19.22 Delayed Quote.-22.06%
NORTHERN STAR RESOURCES LIMITED -0.12% 8.1 Delayed Quote.-13.82%
S&P/ASX 200 0.31% 7127.7 Real-time Quote.-5.11%
WESTPAC BANKING CORPORATION 0.81% 22.52 Delayed Quote.4.64%
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Financials
Sales 2022 18 283 M 12 822 M 12 822 M
Net income 2022 6 501 M 4 559 M 4 559 M
Net Debt 2022 - - -
P/E ratio 2022 10,8x
Yield 2022 5,99%
Capitalization 68 829 M 48 270 M 48 270 M
Capi. / Sales 2022 3,76x
Capi. / Sales 2023 3,52x
Nbr of Employees 39 529
Free-Float -
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Number of Analysts 15
Last Close Price 23,83 AUD
Average target price 26,26 AUD
Spread / Average Target 10,2%
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Managers and Directors
Shayne Cary Elliott Chief Executive Officer & Executive Director
Farhan Faruqui Chief Financial Officer
Paul Dominic O'Sullivan Chairman
Gerard Florian Group Executive-Technology
Michael Liarakos Chief Compliance Officer