[ad_1]
Australian stocks rebounded at noon, led by the big four, as investors seemed relieved that the Royal Commission on Financial Services had not recommended tougher measures.
ANZ grew by 6.11%, Commonwealth Bank by 4.69% and Westpac by 6.59%.
NAB rose 4.74% after its chief executive, Andrew Thorburn, announced Tuesday morning that he had canceled the rest of his two-month leave and that he was "more determined than ever" to direct the bank's response to Kenneth Hayne's report.
The benchmark S & P / ASX200 index rose 112.7 points, or 1.91%, to 6,003.9 points at noon, while all Ordinary rose 102.4 points, or 1, 72%, at 6,065.4.
Mortgage brokers were mistreated after the Hayne report recommended to reform trailing commissions, with Mortgage Choice down more than 24% and the Australian Finance Group losing more than 28%.
The shares of IOOF Holdings, one of the fund managers subject to criminal or civil prosecution after it appeared in the report, jumped 12.91%.
AMP, which has lost more than half of its market value since its serious fault was made public by the royal commission, rose by 9.5%.
The mining sector joined the rise in mid-day, with BHP up 1.29%, Rio Tinto up 2.91% and Fortescue Metals up 4.45%.
Data from the Australian Bureau of Statistics released before lunchtime indicated that retail spending in December was below expectations, with Black Friday and Cyber Monday sales in November absorbing consumer money and leaving less for the traditional Christmas period.
The Australian dollar buys Monday US71.98c at US72.30.30c.
Source link
