Market Wrap / housing heat

The S&P/ASX 200 finished this Monday fairly flat, up 0.15% to 8,894.80 points, with the RBA expected to keep the cash rate on hold at its November meeting. On the data front, home prices posted their fastest increase in two years. The banks tracked higher, with Westpac leading the gains and rising nearly 3%. The bank raised its final dividend while reporting a 1% fall in net profit for the year, due to higher operating costs and more competition for loans.Meanwhile, in company news, Droneshield inked a new $25.3 million contract from a customer in Latin America. The share price rose in early trade, before settling with a 0.3% gain. Elsewhere, the ASX has appointed former Reserve Bank governor, Philip Lowe, to chair its new advisory group on corporate governance. And tomorrow, investors will listen to Philip Lowe’s successor Michele Bullock, as she addresses the media following the RBA’s rate decision.