Market Wrap / Albo 2.0

The ALP's landslide victory was not enough to boost investor sentiment Monday, as a disappointing result from Westpac and a plunge in oil prices sent shares lower.

The S&P/ ASX 200 finished down 1% to 8157.80 points, dragged by the banks and the energy sector. 

Westpac's profit missed expectations sending the stock 3% lower, while investors also turned away from the Big Four in general. 

Oil prices slipping below US$60 dollars also hurt stocks like Woodside which lost 3.6%, while the energy sector was down 2.9%.

Among the miners, BHP and Rio Tinto lost some ground, but the gold players showed better form. Gold Road Resources rose 9.4% as Gold Fields agreed to acquire 100% of the issued share capital from Gold Road.

Elsewhere, the real-estate sector offered a contrasted picture, but Goodman Group’s 2.2% loss weighed on the sector overall. Stockland managed to make some modest gains despite its CFO Alison Harrop resigning. 

With that in mind, we’ll get further housing data tomorrow with the release of building approvals for March, expected to come in lower month-on-month.