Banks knock down Aussie shares; Westpac slips after announcing new CEO

Hotel Property Investments

09/09/2024 08:06

(Updates to close)

        * 
      Westpac names new CEO
    

        * 
      Super Retail ends as top loser on benchmark
    

        * 
      Energy stocks extend losses
    

  
    By Sneha  Kumar
       Sept 9 (Reuters) - Australian shares fell on Monday,
weighed down by heavyweight financials after lender Westpac
announced its new chief executive, while investors remained
cautious as worries about a U.S. slowdown resurfaced. 
    The benchmark S&P/ASX 200 index  .AXJO  ended 0.3% lower at
7,988.1 points, extending last week's lacklustre performance
after a mixed U.S. payrolls report. 
    Financials led losses, closing down 0.6%, after mortgage
lender Westpac  WBC.AX  promoted the head of its business and
wealth unit to CEO, vowing to capitalise on a governance
turnaround. 
    Its shares ended 0.7% lower.
    "We would not expect the new leadership to change the
direction or outlook for Westpac," said Nathan Zaia, an analyst
at Morningstar.
        Meanwhile, data on Friday showed that U.S. employment
increased less than expected in August, but a drop in the
jobless rate suggested the labor market was not falling off the
cliff just yet.
    "Australian markets are relatively insulated from the big
weekly drop in the U.S.; we expect the Reserve Bank of Australia
(RBA) to maintain a moderately hawkish stance for the September
meeting," said Glenn Yin, head of research and analysis at AETOS
Capital. 
    Investors see a 92% chance that the RBA will hold interest
rates during its monetary policy meeting from Sept. 23-24.
 0#RBAWATCH 
    Back in Australia, energy stocks  .AXEJ  shed 0.8% to end at
their lowest in over 2-1/2-years, while gold stocks  .AXGD 
declined 1.8% on weak commodity prices.
    Among individual stocks, apparel and accessories retailer
Premier Investments  PMV.AX  closed nearly 4% lower, its worst
trading session in more than four years, after preliminary
annual results showed its retail brand's earnings fell short of
market estimates. 
    Retail conglomerate Super Retail  SUL.AX  ended 7.4% lower
and was the top loser on the benchmark after its shares traded
ex-dividend. 
    In contrast, pubs operator Hotel Property Investments
 HPI.AX  ended 7.5% higher after its top shareholder's buyout
offer valued the company at A$716.5 million ($477.7 million).
    New Zealand's benchmark S&P/NZX 50 index  .NZ50  ended
largely flat at 12,621.62 points. 

($1 = 1.4999 Australian dollars)

 (Reporting by Sneha Kumar in Bengaluru; Editing by Sonia
Cheema)
 ((sneha.kumar@thomsonreuters.com))
 
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