As the market participants in the Australian markets are already aware, the Royal Commission had released the final report which was much awaited. The market trackers were waiting for the report so that they can have a broad understanding of how the banks can perform in the near future. Below mentioned 4 Financial Sector stocks have witnessed strong upward momentum today (5 February 2019).
Steadfast Group Limited (ASX: SDF)
Steadfast Group Limited (ASX: SDF) is a leading general insurance broker network. The company reported underlying revenues of $583 million in FY 2018 which implies the rise of 16% on the YoY basis. The company has recently upgraded its FY19 Guidance. Earlier, the company stated that it would be posting underlying EBITA in the range of $185 million-$195 million and now the company is expected to post underlying EBITA between $190 million-$200 million. Earlier, the underlying NPAT was expected to be in between $82.5 million-$87.5 million and now the guidance is between $85 million-$90 million. SDF’s shares traded at $2.910 with a market capitalisation of circa $2.07 billion as on 5 February 2019.
AMP Limited (ASX: AMP)
Today, AMP Limited (ASX: AMP) has released a response to the final report of The Royal Commission which was released on 4 February 2019. The company stated that final report’s outcomes would be providing greater certainty as well as they would also be helping to restore the stability and confidence to the financial system of Australia. The top management had stated that the company acknowledges that the benefits related to the vertical integration remain available for the customers. It also notes that the conflicts of interest had to be more effectively managed. The company stated that they would be reviewing the final report’s recommendations in detail. On February 5, 2019, the stock of AMP Limited closed the session in green as it rose A$0.220 per share or 9.955%. In the past 3 months, the stock delivered -19.34% return.
Westpac Banking Corporation (ASX: WBC)
Westpac Banking Corporation (ASX: WBC) had recently issued a release which contains information related to The Royal Commission. The management of Westpac had stated that they would be engaging constructively in the reform process as well as they would be supporting essential role which the broader industry plays in the economy of Australia. The management stated that they would be working with the policymakers as well as regulators. Earlier, in the FY 2018 results presentation, the bank had stated some challenges which were faced. These challenges were related to regulatory actions, slowing system credit growth, increased cost of funds as well as bank levy’s full-year impact and customer remediation.
On February 5, 2019, Westpac closed the session in green as the stock price closed at A$26.700 per share implying 7.358% rise.
Australia And New Zealand Banking Group Limited (ASX: ANZ)
Australia and New Zealand Banking Group Limited (ASX: ANZ) had issued a release in which the top management commented on the final report of The Royal Commission. The management of the bank added that they have noted the size as well as nature of compliance and culture challenge and they would be dealing with it.
In the past six months, the share price of the company decreased by 12.79 percent as on 4 February 2019. On February 5, 2019, ANZ closed the session in green as the stock price closed at A$26.860 per share which implies the rise of 6.503% on the intraday basis.
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