ANZ shares plunge despite 31% surge in annual profit
ANZ shares fell 3.2 per cent despite a 31 per cent jump in annual profit.
The ASX200 edged up 8.9 points to 9029.7 on Monday, recovering from an early dip as mining stocks rebounded on rising gold and copper prices. ANZ posted a 31 per cent jump in annual cash profit to $7.6 billion, driven by lower bad debts and better cost control than expected, yet its shares still dropped 3.2 per cent.
The other major banks followed: Commonwealth Bank, Westpac and NAB all ended lower. BHP, Rio Tinto and Fortescue gained between 0.7 and 2.7 per cent as miners drove the market's modest recovery.
Mining and energy stocks offset weakness across seven of 11 local sectors.
- 3.2 per cent
- ANZ share fall
- 31 per cent
- ANZ cash profit growth
- 7.6 billion dollars
- ANZ annual profit
- 8.9 points to 9029.7
- ASX200 gain
Why it mattersANZ shares fell despite strong profit results
AustraliaAustralian investors and superannuation holders see their bank and mining holdings move in opposite directions; banking weakness offsets resource strength.
Corroborated byPerthNow
