On Wednesday, Australian shares created new records in the market. The financial cheerfully as Commonwealth Bank of Australia doubled its dividend payout and also announced a record $4.41 billion shares buyback plan.
As of in-depth analysis, the S&P/ASX200 index closed around 0.30% higher at the 7,584.60 level. Further, CBA recorded a new high-level before closing time. It closed around 1.50% higher as the country’s largest lender. Moreover, the stock posted a 20% jump in annual profit.
” THE STOCK MARKET IS A DEVICE FOR TRANSFERRING MONEY FROM THE IMPATIENT TO THE PATIENT. “
In spite of this, the financial sub-index booked 0.90% profit. Further, the miner stocks surged around 1.20% due to the heavy-lift by Rio Tinto and BHP Group. Those two stocks raised nearly 1% as iron ore eked out gains.
On the main Index, Gold stocks turned as the biggest drag. During the same period, the Australian government extended lockdown in Melbourne for seven days until 19th August. Because the country has been trying to get on top of the highly infectious Delta variant.
Further, in the New Zealand stock market benchmark S&P/NZX50 index raised 0.07% to the 12,772.90 level.