Westpac Bank jumps 5%; NZ shares rise
The S&P/NZX 50 Index rose 37.71 points, or 0.3%, to 12,768.84. Within the index, 29 stocks rose, 18 fell and four were unchanged.
Westpac reported an enormous leap in its bottom-line result, up 189% to A$3.44 billion. The board declared an interim dividend of 58 Australian cents, representing a 60% payout ratio.
Shares in the banking group jumped 5.3% to $28.28 on the NZ stock exchange, as investors welcomed the first dividend payment since 2019. ANZ Bank also rallied 1.6% to $31.31.
Westpac NZ’s chief executive David McLean announced his retirement at the same time as his division’s more than doubled first-half net profit.
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