Proactive Investors Australia

S&P/ASX 200 bounces back after a rally in the financial sector

ANZ gained 2.8% after investors reacted positively to the bank’s first-half results.

shares rising chart
Bega Cheese shares rose 5.1%

S&P/ASX 200 (INDEXASX:XJO) was boosted by a rally in the financial sector, while energy and mining stocks reclaimed some recent losses.

The index finished the session up 50 points or 0.8% to 6,375. Almost all sectors improved, with the utilities and consumer discretionary sectors the exceptions.

Major banks gain

ANZ (ASX:ANZ) closed up 2.8% to $27.95 after investors reacted positively to the bank’s first-half results.

The lender posted a 2% lift in first half cash profit to $3.56 billion, slightly higher than analyst expectations.

The other three major banks also joined the rally to recoup some of their losses of the previous day, with Commonwealth (ASX:CBA) up 1.25% to $75.45, National Australia Bank (ASX:NAB) up 1.95% to $25.845, and Westpac (ASX:WBC) up 2.27% to $28.135.

Bega Cheese (ASX:BGA) shares rose 5.1% to $5.32 after the Australian dairy company won a court case allowing it to keep using the packaging on the peanut butter brands it bought from Kraft Heinz in 2017.

In upcoming news, the US Federal Reserve will hand down its interest rate decision at 4 am AEST.

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