Australian bank shares posted their biggest rally in a decade on Monday as a sur...
SYDNEY - Australian bank shares posted their biggest rally in a decade on Monday as a surprise conservative election win eased regulation fears, though a housing downturn and strict rules baked in since a misconduct inquiry could temper longer-term bullishness.
With every major opinion poll suggesting a win for the center-left opposition Labor party, bank stocks had traded at multiples below the broader market partly because of the party’s policies to end tax breaks for landlords and for share investors who don’t earn other income. Shares of No. 1 lender Commonwealth Bank of Australia jumped as much as 7%, its biggest gain since 2009, while No. 2 lender Westpac Banking Corp was up over 8%, its biggest trading day by volume in 10 years. That pushed the broader Australian market up 1.4% and the financial sub-index 5.7% higher, the sharpest gain since November 2008.
Banks have already earmarked some A$6 billion to reimburse wronged customers, mostly for inappropriately charged fees, amid sustained criticism about an practice aired in an industry inquiry known as “fees for no service”.
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