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    WBC   AU000000WBC1

WESTPAC BANKING CORPORATION

(WBC)
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Australia shares rebound, gain 1% as investors absorb Omicron shock

11/29/2021 | 07:32pm EST

Nov 30 (Reuters) - Australian shares gained 1% on Tuesday, recovering from sharp losses in the two prior sessions on concerns over the new Omicron coronavirus variant, with banks and miners boosting the benchmark index to its best day since early October.

The S&P/ASX 200 index was up 1% at 7,310.5 by 2355 GMT. The benchmark had lost 0.5% on Monday after a 1.7% drop on Friday.

The benchmark, however, is down 0.26% so far this month, and is set for its third consecutive monthly loss.

Heavyweight banking stocks were the top boosts to the benchmark, rising as much as 1.6% as the local currency recovered from the blows of Omicron fears.

Lender Westpac Banking Corp jumped as much as 1.7%, even as the securities regulator filed six civil penalty proceedings against it for various compliance failures.

The country's banking regulator after market hours on Monday published a set of rules requiring banks to hold more capital against investor and interest-only home loans but less for business loans, which is expected to affect loan pricing.

Miners advanced up to 1.2% after a bounceback in iron ore prices. Major miners BHP Group, Rio Tinto and Fortescue Metals Group climbed between 0.9% and 2.1% each.

Tech stocks climbed as much as 1.5%, tracking a rebound on Wall Street, as heavyweights Afterpay and Xero rose as much as 1% and 2.6%, respectively.

Among healthcare stocks, biotech firm CSL Ltd gained 1.3% and ASX-listed shares of Resmed Inc was up 1.7%.

Australia on Monday delayed the reopening of its international borders after it reported two cases of the Omicron COVID-19 variant just as it was gearing up to reopen its border to foreign visa holders on Dec. 1.

Across the Tasman sea, New Zealand's benchmark S&P/NZX 50 index rose 0.74% to 12,623.98 by 2342 GMT. (Reporting by Harshita Swaminathan; Editing by Rashmi Aich)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AFTERPAY LIMITED -2.18% 66.47 End-of-day quote.-19.93%
BHP GROUP 2.74% 46.92 Delayed Quote.10.05%
CSL LIMITED 3.24% 257.51 Delayed Quote.-14.20%
FORTESCUE METALS GROUP LIMITED -0.15% 19.45 Delayed Quote.1.41%
WESTPAC BANKING CORPORATION 2.33% 20.63 Delayed Quote.-5.57%
XERO LIMITED 4.94% 109.86 Delayed Quote.-25.98%
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Analyst Recommendations on WESTPAC BANKING CORPORATION
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Financials
Sales 2022 19 376 M 13 550 M 13 550 M
Net income 2022 5 109 M 3 573 M 3 573 M
Net Debt 2022 - - -
P/E ratio 2022 14,6x
Yield 2022 5,92%
Capitalization 75 593 M 52 870 M 52 862 M
Capi. / Sales 2022 3,90x
Capi. / Sales 2023 3,76x
Nbr of Employees 40 143
Free-Float 99,6%
Chart WESTPAC BANKING CORPORATION
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Westpac Banking Corporation Technical Analysis Chart | WBC | AU000000WBC1 | MarketScreener
Technical analysis trends WESTPAC BANKING CORPORATION
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 16
Last Close Price 20,63 AUD
Average target price 24,42 AUD
Spread / Average Target 18,4%
EPS Revisions
Managers and Directors
Peter Francis King Director
Michael Rowland Chief Financial Officer
John McFarlane Chairman
Scott Collary Chief Operating Officer
Leslie Wilson Vance Group Executive-Financial Crime & Compliance
Sector and Competitors