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Australian Shares Close Higher Despite Westpac CEO's Resignation

Strategic Insights

— 1 min read

Australian shares closed higher on Thursday, led by strong earnings results from major companies such as News Corp and Lend Lease, despite the weakening effect of Westpac chief executive Robert Joss's shock resignation. The market was buoyed by the strong earnings, with a total of 391.2 million shares traded worth 1.4 billion Australian dollars. Westpac was the most actively traded stock, with 10.97 million shares changing hands, as its shares slipped 30 cents. The overall financial services sector was mixed, with National Australia Bank adding 22.9 cents, while Commonwealth Bank of Australia closed 16 cents dearer.

Key Takeaways:

  • Australian shares closed higher on Thursday, with the all ordinaries index closing 12.2 points firmer at 2,867.0 and the all industrials index firmed 14.9 points to 5,178.6.
  • Strong earnings results from News Corp and Lend Lease contributed to the market's buoyancy, with News Corp ordinary shares adding 40.3 cents and its preferred scrip rising 25 cents.
  • Westpac chief executive Robert Joss's shock resignation overshadowed the news, causing the company's share price to slip 30 cents.
  • The overall financial services sector was mixed, with National Australia Bank adding 22.9 cents and Commonwealth Bank of Australia closing 16 cents dearer.
  • The gold index was marginally firmer at 1,052.0 points, with a gain of 3.5 points, while the price of gold bullion in Sydney closed at 287.10 U.S. dollars per fine ounce.

Statistics:

  • 391.2 million shares traded on Thursday, worth 1.4 billion Australian dollars (903 million U.S. dollars).
  • Westpac traded 10.97 million shares,WithValue 1.04 million Australian dollars (680,000 U.S. dollars).
  • News Corp ordinary shares added 40.3 cents, with a total value of 76.6 million Australian dollars (48.6 million U.S. dollars).
  • The price of gold bullion in Sydney closed at 287.10 U.S. dollars per fine ounce, down 0.90 U.S. dollars from the previous day.

Sources:

  • XINHUA News Agency
  • COMTEX
  • Australian Securities Exchange (no date listed for provided data)

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