CBA served with $7m penalty: Aus shares close 0.6% higher

07Apr

CBA served with $7m penalty: Aus shares close 0.6% higher

 

The Australian sharemarket’s rally decelerated just before midday, but picked up pace again to finish the trading session at a 13-month high. Gains in Afterpay and EML payments shares have cemented the tech sector’s footing in positive territory for a 4th consecutive day.

At the closing bell, the S&P/ASX 200 index closed 42 points or 0.6 per cent higher to finish at 6,928.

Futures market

Dow futures are suggesting a rise of 27 points.
S&P 500 futures are eyeing a lift of 2 points.
The Nasdaq futures are eyeing a gain of 7 points.
And the ASX200 futures are eyeing a 39 point rise for tomorrow morning.

Company news

The Commonwealth Bank has been served a $7 million dollar penalty for overcharging customers in 12,119 occasions. An inquiry by the Australian Securities and Investments Commission (ASIC) found that the big-4 bank overcharged 1510 customers interest rates by up to 2.1 times. ASIC Commissioner Sean Hughes says an aggravating factor in the decision was CBA’s failure to compensate customers and make amendment in a timely manner. Shares in the Commonwealth Bank of Australia (ASX:CBA) closed at 0.6 per cent higher at $86.53.

Best and worst performers

The best-performing sector was Energy, adding 1.4 per cent, while the worst-performing sector was Industrials, dropping 0.3 per cent.

The best performing stock in the S&P/ASX 200 was Pilbara Minerals (ASX:PLS), rising 6.4 per cent to close at $1.17. Shares in Incitec Pivot (ASX:IPL) and Resolute Mining (ASX:RSG) followed.

The worst-performing stock in the S&P/ASX 200 was Adbri (ASX:ABC), shedding just over 5 per cent to close at $3.41. Shares in Cleanaway Waste Management (ASX:CWY) and Zip Co (ASX:Z1P) followed.

Asian markets

Mixed. Japan’s Nikkei has gained 0.1 per cent, Hong Kong’s Hang Seng has lost 0.7 per cent and the Shanghai Composite has lost 0.3 per cent.

Commodities and the dollar

Gold is trading at US$1,740 an ounce.
The iron ore price is 1.4 per cent higher to US$170.90 a ton.
Its futures are pointing to a rise of 1.9 per cent.
Light crude is US$0.07 higher at US$57.91 a barrel.
One Australian dollar is buying 76.49 US cents.
Copyright 2021 – Finance News Network


Source: Finance News Network

Share this post

Related Posts

18May

Rebound in banks lift the S&P500: EV sector gets a boost by EU’s plans

18 May 2023 - Stocks rose Wednesday as investors hoped congressional leaders and President Joe Biden could come to a deal on the US debt ceiling and avoid a catastrophic default.

Read More
01Dec

Stocks surge 1.1% at noon: Westpac & CBA face corporate regulators

01 Dec 2020 - The local sharemarket has shrugged off a weak open to record a strong start to December The S&P/ASX200 is up 74 points or 1.1 per cent to 6592. Futures are pointing to a gain of 56 points.

Read More
04Nov

Energy sector remains the market’s safe haven

04 Nov 2022 - US equities finished lower in Thursday trading, with the S&P 500 bouncing off its lowest morning levels, but trading in a narrow range through the afternoon before fading into the close. Across the sectors energy was the standout despite a fall in the oil price. Strong results, higher dividends and share buybacks has led the sector to shine in 2022. The suggestion of a 'windfall tax' from the Biden government has already met heavy resistance...

Read More
29Nov

Mitchell Services (ASX:MSV) acquires Deepcore Holdings: Aus shares close 2% higher over week

29 Nov 2019 - It’s been a positive week of trade on the Australian share market despite today’s downturn. Private sector credit grew slower than expected in October and a number of acquisitions completed today. Mitchell Services (ASX:MSV) has acquired Deepcore Holdings.

Read More
29Jan

Air New Zealand (ASX:AIZ) supports biofuels mandate: Aus shares set to open higher

29 Jan 2021 - The Australian share market is set to swell at the open, following positive tailwinds from the US. All 3 major US benchmarks rebounded after their worst day of trade in three months. Oil, gold and iron ore however all dropped overnight. Air New Zealand (ASX:AIZ) has come out in support of the New Zealand Government’s decision to implement a biofuels mandate that it says will help the country reduce carbon emissions in the transport sector.

Read More
01Oct

Great rally for the fourth quarter: ASX closed 1% higher

01 Oct 2020 - It has been a positive day of trade for the ASXt, with a great start to the fourth quarter. The local bourse managed to close almost 1 per cent higher. Shares in plumbing supplies group Reliance Worldwide (ASX:RWC) shot up today after reporting strong first quarter sales in its US business. Aeris Environmental (ASX:AEI) has successfully partnered with SABCO, an Australian company specialising in cleaning and garden products for over a century.

Read More
27Aug

ANZ (ASX:ANZ) announce Chairman: Aus shares close 0.2% higher

27 Aug 2020 - The Australian share market rose at the open closing 0.2 per cent up at the end of trade. ANZ (ASX:ANZ) announced Paul O’Sullivan will succeed David Gonski as the Group’s Chairman. Starpharma (ASX:SPL) has reported their revenue is up 142 per cent to $6.56 million.

Read More
22Apr

Qantas shares lose 6.4%: ASX closes flat

22 Apr 2020 - The ASX managed to gain momentum today and pull itself up to close flat. WiseTech Global (ASX:WTC) shares surged after reaffirming their guidance today. Qantas (ASX:QAN) shares dropped over 6%. Myer (ASX:MYR) has taken the decision to extend the period of temporary closure of all physical stores until at least 11 May 2020.

Read More
02Oct

Mesoblast (ASX:MSB) hits approval hurdle: Aus shares 0.9% lower at noon

02 Oct 2020 - The Australian share market opened lower and continued to sink in early trade. Most of the sectors have lost ground this morning, with energy stocks weighing heaviest on the market. Shares in regenerative medicine darling Mesoblast (ASX:MSB) tumbled around 40% this morning after news that the US FDA approval for its lead drug candidate was not going to be the smooth sailing investors had hoped for.

Read More
18Sep

Web.com increases takeover bid for Webcentral (ASX:WCG): Aus shares to edge higher at the open

18 Sep 2020 - Australian shares are set to edge higher at the open following a paced sell off on Wall Street. US home building fell in August following strong gains in the prior three months. IT solutions company, Webcentral Group (ASX:WCG) has received an updated takeover offer from Web.com, which is now offering 18 cents per Webcentral share.

Read More