Westpac (ASX:WBC) appoints new Financial Crime Committee: Aus shares close 0.2% higher

Market Reports

by Ortenzia Borre

The Australian share market closed higher this afternoon, tracking 0.2 per cent up at the end of trade. Service Stream (ASX:SSM) and Telstra (ASX:TLS) led the way as the best performing stocks today and Bank of Queensland (ASX:BOQ) rallied in the top 5 after Tuesday’s fall. Auto parts supplier G.U.D. Holdings was the worst performer at the end of the day. As for the sectors, Communication Services performed the best with Financials coming in last.

The S&P/ASX200 index

At the closing bell the S&P/ASX 200 index closed 13 points higher to finish at 6,864.

Economic News

The trend estimate for total new capital expenditure fell by 0.6 per cent in the September quarter 2019. This follows a fall of 0.8 per cent in the June quarter 2019.

Futures market

Dow futures are suggesting a fall of 80 points
S&P 500 futures are eyeing a fall of 9 points.
The Nasdaq futures are eyeing a fall of 27 points.
The ASX200 futures are eyeing a 12 point lift for tomorrow morning.

Company news

Westpac (ASX:WBC) has a newly appointed Westpac Board Financial Crime Committee. The bank also announced that compliance firm Promontory will undertake the financial crime program and accountability review, commissioned by the new board. The review will commence immediately with Westpac Group Chairman, Lindsay Maxsted saying the bank is determined to urgently address the issues that have given rise to the AUSTRAC statement of claim. In addition to Promontory’s appointment, Westpac will also establish an Accountability Review advisory panel of three independent experts to consider Promontory’s report and provide recommendations on governance as well as Board accountability. The makeup of the panel to be confirmed in coming days. Shares in Westpac (ASX:WBC) closed 0.4 per cent lower at $24.70.

Looking at some more headlines:

Wagners (ASX:WGN) has secured a contract with Adani Mining for the operation of South Back Creek Quarry, near Clermont in Queensland.

Western Australia-based mining giant NRW Holdings (ASX:NWH) executes an agreement to acquire BGC Contracting.

IMF Bentham (ASX:IMF) reaches binding settlement agreement regarding Bellamy's class action.

ClearVue Technologies (ASX:CPV) has received confirmation that the ClearVue PV – IGU product has now met all of the requirements for UL Certification.

Best and worst performers of the day

The best performing sector was Communication Services, adding 2.9 per cent, while the worst performing sector was Financials, shedding 0.3 per cent.

The best performing stock in the S&P/ASX 200 is Service Stream (ASX:SSM) adding 5 per cent to $2.50 followed by shares in Telstra (ASX:TLS) and Nufarm (ASX:NUF).

The worst performing stock in the S&P/ASX 200 is G.U.D. Holdings (ASX:GUD), dropping 5 per cent to $11.11, followed by shares in Virgin Money UK (ASX:VUK) and Galaxy Resources (ASX:GXY).

Asian markets
Japan’s Nikkei has lost 0.1 per cent, Hong Kong’s Hang Seng has lost 0.2 per cent and the Shanghai Composite has also lost 0.4 per cent.

Commodities and the dollar

Gold is trading at US$1,457 an ounce.
Iron ore price is 0.4 per cent lower at US$86.67.
Iron ore futures are pointing to a fall of 0.3 per cent.
Light crude is 3 cents up at US$58.14 a barrel.
One Australian dollar is buying 67.65 US cents.