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Delayed Australian Stock Exchange  -  02:10 2022-06-24 am EDT
19.48 AUD   -0.71%
02:10aWestpac Banking Corporation announces dividend on WBCPE - CAP NOTE 3-BBSW+3.05% PERP NON-CUM RED T-09-22 for the period ending July 20, 2022, Payable on July 20, 2022
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06/23Westpac Banking Corporation Declares Dividend on WBCPI - CAP NOTE 3-BBSW+3.70% PERP NON-CUM RED T-07-24 for the Quarter Ended June 18, 2022, Payable on September 19, 2022
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Australian shares end lower as Fed minutes signal near-term rate hikes

05/26/2022 | 02:59am EDT

* Miners snap four-day winning streak

* Technology stocks track Wall Street higher

* Software maker Appen soars on buyout offer

May 26 (Reuters) - Australian shares closed lower on Thursday, led by mining stocks, as the mood in Asian markets was subdued after minutes from the Federal Reserve meeting hinted that the U.S. central bank would stick to rate hikes in coming months.

The S&P/ASX 200 index ended 0.7% lower at 7,105.90. The benchmark closed 0.4% higher on Wednesday.

Despite the sombre mood, technology stocks took positive cues from Wall Street's strong finish and gained 1%.

Software maker Appen Ltd jumped 29.2% to top the benchmark index after receiving a A$1.2 billion ($830 million) buyout approach from Canada's Telus International.

Leading losses, Australian mining stocks snapped their four-day winning streak and dropped 1.1% after iron ore futures slumped on slowdown fears for China's economy.

Sector majors BHP Group and Rio Tinto fell 0.9% and 1.1%, respectively.

"We have held up pretty well through all the U.S. volatility and think there is some profit-taking in resources today," said Henry Jennings, senior analyst, Marcustoday Financial Newsletter.

Financial stocks fell 0.4% with three of the "Big Four" banks losing between 0.3% and 0.7%.

Westpac Banking Corp traded flat after the lender said it would sell one of its financial advisory businesses to pension fund Mercer Australia.

Gold and energy stocks slumped 2.6% and 0.9%, respectively.

Qantas Airways rose 1.1% after the flag carrier signalled changes to domestic capacity and fares to counter surging fuel prices, saying it expects strong demand for air travel.

U.S. Fed hiked its benchmark overnight interest rate by 50-basis-point - the first of that size in more than 20 years, with most participants in the meeting backing furthur hikes.

Following Wednesday's rate hike, Reserve Bank of New Zealand Governor Adrian Orr said that going early and fast remains the best path for achieving its primary inflation and employment objectives.

The Reserve Bank of Australia could raise rates again next month, but will be far less hawkish than the Fed or RBNZ, Marcustoday's Jennings said.

New Zealand's benchmark S&P/NZX 50 index closed 0.6% lower at 11,102.84.

(Reporting by Himanshi Akhand in Bengaluru; Editing by Sherry Jacob-Phillips)

© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
APPEN LIMITED 7.24% 6.22 Delayed Quote.-48.03%
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) 0.65% 0.6947 Delayed Quote.-4.90%
BHP GROUP LIMITED -1.19% 40.02 Delayed Quote.-2.41%
BRITISH POUND / US DOLLAR (GBP/USD) 0.06% 1.22668 Delayed Quote.-9.44%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) 0.70% 0.7752 Delayed Quote.-2.48%
EURO / US DOLLAR (EUR/USD) 0.33% 1.0554 Delayed Quote.-7.08%
INDIAN RUPEE / US DOLLAR (INR/USD) -0.15% 0.012783 Delayed Quote.-4.75%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) 0.45% 0.63123 Delayed Quote.-8.28%
QANTAS AIRWAYS LIMITED -1.55% 4.45 Delayed Quote.-9.78%
RIO TINTO PLC 1.62% 4989.5 Delayed Quote.0.37%
S&P 500 INDEX 3.06% 3911.74 Real-time Quote.-20.36%
S&P/ASX 200 0.77% 6578.7 Real-time Quote.-12.31%
TELUS INTERNATIONAL (CDA) INC. 4.62% 25.58 Delayed Quote.-26.04%
WESTPAC BANKING CORPORATION -0.71% 19.48 Delayed Quote.-8.10%
02:10aWestpac Banking Corporation announces dividend on WBCPE - CAP NOTE 3-BBSW+3.05% PERP NO..
06/23Enero Group Establishes Nearly $35 Million Bank Facility for General Corporate, Capital..
06/23Westpac Banking Corporation Declares Dividend on WBCPI - CAP NOTE 3-BBSW+3.70% PERP NON..
06/21Westpac Offers $523.6 Million in Perpetual Capital Bonds
06/19Australian shares flat as energy stocks offset gains in banks
06/14Swoop Holdings Signs $22 Million Facilities Agreement for Acquisitions, Capex Programs
06/10Kogan.com Amends Debt Facility With Westpac Banking
06/10Westpac Banking Considering New Capital Bond Offer
06/08Australian banks slide further as RBA view raises housing market concerns
06/08Australian Shares Rebound on Boost from High Fuel Prices
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Analyst Recommendations on WESTPAC BANKING CORPORATION
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Sales 2022 19 318 M 13 427 M 13 427 M
Net income 2022 5 421 M 3 768 M 3 768 M
Net Debt 2022 - - -
P/E ratio 2022 13,0x
Yield 2022 6,26%
Capitalization 68 103 M 47 333 M 47 333 M
Capi. / Sales 2022 3,53x
Capi. / Sales 2023 3,34x
Nbr of Employees 34 637
Free-Float 99,5%
Duration : Period :
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Technical analysis trends WESTPAC BANKING CORPORATION
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus HOLD
Number of Analysts 17
Last Close Price 19,48 AUD
Average target price 24,67 AUD
Spread / Average Target 26,6%
EPS Revisions
Managers and Directors
Peter Francis King Director
Michael Rowland Chief Financial Officer
John McFarlane Chairman
Scott Collary Chief Operating Officer
Peter Ralph Marriott Independent Non-Executive Director