Australia  

Celebrating 10 Years of Trusted News Discovery
One News Page
> >

S&P/ASX 200 surges higher led by banks on Coalition election upset

Proactive Investors Monday, 20 May 2019
S&P/ASX 200 (INDEXASX:XJO) is trading up 1.40% or 89.1 points higher 6454.4 at 12.20pm being led by bank stocks with the big four all trading over 5% higher. Both the S&P 500 Index (INDEXSP:.INX) and the Nasdaq Composite (INDEXNASDAQ:.IXIC) finished lower last Friday but the local market is being driven by a shock election win. With the media, election polls and bookmakers all suggesting a comfortable Labor victory leading into Saturday, investors were likely already positioned for their policy changes. It has been no secret that a lot of fund managers have been underweight bank stocks and a Labor government was seen as a further headwind for the banks. On the open today, investors were scrambling into the bank stocks – ANZ (ASX:ANZ) hit a high of 7.7%, Commonwealth Bank (ASX:CBA) 6.7%, Nation Australia Bank (ASX:NAB) 8.4% and Westpac (ASX:WBC) hitting 8.9%. WAAAX not moving with the market Previously the tech stocks have moved in sync with the market but that has not been the case today. Wisetech (ASX:WTC) is down 3.1%, Altium (ASXLU) down 2.55%, Appen (ASX:APX) down 1.55%, and Xero (ASX:XRO) down 2.58% at 12.29pm. Afterpay (ASX:APT) is the only WAAAX stock in the green, up 0.55%.   [VIDEO] Mid-Session: The ASX 200 rose as much as 1.7% in opening trade as investors responded to a surprise conservative victory at the Federal Election on Saturday. https://t.co/spWArJvvHq #ausbiz — CommSec (@CommSec) May 20, 2019   Are the banks an endorsement for Australian housing? With the Australian people not giving Labor the nod, one policy that won’t see daylight is changes to negative gearing, which was tipped to accelerate the decreasing house price index. With the Coalition government retaining power and today’s strong move back into bank stocks, which generate the majority of their earnings from residential mortgages, is the expectation that the housing market bounces? There is undoubtedly a recovery in short-term confidence, which will play a role in encouraging buyers back into the market. That said, it will be at least a couple of months before we see evidence of this flow through to published data. This coming Saturday’s weekly auction rates will be the first test.
0
shares
ShareTweetSavePostSend
 
Credit: FOX 4 Now Florida - Published < > Embed
News video: Bank robbery at BankOZK in Cape Coral

Bank robbery at BankOZK in Cape Coral 00:23

Police are investigating a bank robbery at a local bank in Cape Coral

You Might Like


Recent related videos from verified sources

Once More, With Feeling: Istanbul Votes Again In Test Of Turkish Democracy [Video]Once More, With Feeling: Istanbul Votes Again In Test Of Turkish Democracy

Millions of Istanbul residents voted Sunday on a re-run of a mayoral election that has become a referendum on President Tayyip Erdogan’s policies. According to Reuters, the election is being seen as..

Credit: Wochit News     Duration: 00:37Published

Woman Robs 2 Yonkers Banks [Video]Woman Robs 2 Yonkers Banks

A woman is accused of back-to-back robberies at two banks in Yonkers.

Credit: CBS 2 New York     Duration: 00:25Published

Deutsche Bank Faces Investigation For Possible Money-Laundering Lapses [Video]Deutsche Bank Faces Investigation For Possible Money-Laundering Lapses

According to Reuters, the U.S. Federal Bureau of Investigation is examining whether Deutsche Bank complied with laws meant to stop money laundering. The inquiry follows a report last month about bank..

Credit: Wochit News     Duration: 00:34Published

Deutsche Bank Faces FBI Investigation [Video]Deutsche Bank Faces FBI Investigation

Reuters reports The U.S. Federal Bureau of Investigation is examining whether Deutsche Bank complied with laws meant to stop money laundering, a person with knowledge of the matter said on Thursday...

Credit: Wochit Business     Duration: 00:33Published


Recent related news from verified sources

S&P/ASX 200 trades lower but may have more steam left

S&P/ASX 200 (INDEXASX:XJO) may end its positive run today with the index trading 0.64% down to 6644 points at 2:13 pm. Wealth Within chief analyst Dale Gillham...
Proactive Investors

How CBA and the Big 4 bank share prices have rebounded

It’s been a big 12 months for investors in Commonwealth Bank of Australia (ASX: CBA) shares and the other “Big Four” ASX banks after the Royal Commission.
Motley Fool

ASX 200 lunch time report: a2 Milk, St Barbara, & Westpac higher

Domino's Pizza Enterprises Ltd (ASX:DMP), Nearmap Ltd (ASX:NEA), and St Barbara Ltd (ASX:SBM) shares have been on the move on the ASX 200 on Tuesday...
Motley Fool

Why this ASX bank stock is set to soar this morning

The S&P/ASX 200 (Index:^AXJO) (ASX:XJO) index is poised to set a new 11-year high, but there’s one star in the ASX banking sector that’s likely to burn...
Motley Fool


Other recent news in Business

AUSTRALIAN CHRISTIAN LOBBY donates $100,000 to new Folau fundraiserNew Folau fund tops $500k, including $100k from Australian CHRISTIAN Lobby
Environmentally friendly: One News Page is hosted on servers powered solely by renewable energy
© 2019 One News Page Ltd. All Rights Reserved.
About us  |  Contact us  |  Disclaimer  |  Press Room  |  Terms & Conditions  |  Content Accreditation
 RSS  |  News for my Website  |  Free news search widget  |  In the News  |  DMCA / Content Removal  |  Privacy & Data Protection Policy
How are we doing? FeedbackSend us your feedback  |   LIKE us on Facebook   FOLLOW us on Twitter  •  FOLLOW us on Pinterest
One News® is a registered trademark of One News Page Ltd.