The Australian sharemarket is off to a negative start, with the All Ordinaries Index (XAO) down 0.2 per cent or 10.6 pts to 4472.7. Almost all sectors are in the red; however the defensive telcos are up modestly. Telstra (TLS), the sixth biggest company on the local market is up 0.12 per cent or 0.5 cent to $4.09.
Australia's second biggest bank by market capitalisation, Westpac ( WBC ) is up 0.48 per cent or 12 cents to $25.15 after delivering a slightly better than expected full-year cash profit of $6.6 billion. WBC will be paying an 84 cent a share dividend to eligible shareholders. WBC shares are up around 25 per cent this year, ANZ Banking Group (ANZ) is 22.5 per cent higher, Commonwealth Bank of Australia ( CBA ) is 16.5 per cent firmer while National Australia Bank (NAB) is dragging its heels this year and is only 6.5 per cent stronger.
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