It was another big start to the week for the ASX 200 on Monday with Westpac Banking Corp (ASX: WBC) the latest Big Four bank to release its results.
Here’s a recap of what you might have missed.
3 things you missed on the ASX 200 in Monday’s trade
1. Westpac posts disappointing result, cuts dividend
The Westpac share price will be under pressure this morning when it emerges from its trading halt following a weak full-year result.
Westpac entered a trading halt on the ASX 200 on Monday after announcing a $2.5 billion institutional equity raising. The bank is looking to strengthen its balance sheet for regulatory purposes.
Westpac’s profit sunk 16% to $6.78 billion, while its net interest margin edged lower to 2.12%.
Westpac became the latest Big Four bank to cut its final dividend after slashing it by 15% to 80 cents per share.
2. Weak retail data hits JB Hi-Fi shares
The JB Hi-Fi Limited (ASX: JBH) share price fell lower in the ASX 200 on Monday after weak Australian retail data was released.
The Australia Bureau of Statistics data showed a softening trend in Aussie retail on a sales and volume basis. JB Hi-Fi investors headed for the exit as the stock closed down 2.18% at $35.83 per share.
Weaker trading data has emboldened economists to call on the Government and RBA for further economic stimulus.
3. NRW Holdings share price pops 15%
The NRW Holdings Limited (ASX: NRW) surged higher in the ASX 200 on Monday, climbing 15% to $2.55 per share.
The company is now approaching the $1 billion market cap mark with a price-to-earnings ratio of 30x. The big catalyst for the gains was NRW’s response to media speculation surrounding a potential acquisition.
NRW confirmed its discussions with BGC Contracting and is the preferred bidder for the group.
Investors were bullish on the news as the NRW share price rocketed higher to lead all comers on the ASX 200 on Monday.
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Motley Fool contributor Kenneth Hall has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.