The sharemarket ended the week lower for the third consecutive week on worries about global banking. Yet, ANZ rallied after posting a record profit.
P/ASX 200 erased early losses on Friday to end the session 0.4 per cent higher at 7220 in a volatile session, with real estate leading gains.
ANZ took the spotlight after posting a record half-year cash profit of $3.82 billion, just above estimates of $3.81 billion. Its share price lifted 1.4 per cent to $23.80 after investors cheered the small earnings beat. A day earlier, National Australia Bank stock took a beating after missing forecasts and declaring a smaller-than-expected dividend.
NAB extended losses, dropping 0.5 per cent to $26.58. CBA shares edged up 0.4 per cent to $96.13 and Westpac firmed 0.5 per cent higher to $21.35.Property was the clear standout sector with Dexus rallying 3.1 per cent to $7.98, closely followed by Goodman Group, which rose 3 per cent to $20. Stockland climbed 2.3 per cent to $4.52 and Scentre Group increased 1 per cent higher to $2.90.
The precious metal’s price shot up 3 per cent this week as heightened worries about US regional banks bolstered its safe-haven appeal. Spot gold held at $US2049.29 per ounce, not far off its August 2020 record high of $US2072.49.
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