Market Close: NZX 50 falls as Westpac's margin tanks

The bank posted enormous earnings and promised a $3.5b share buy back but investors still weren't impressed. (Photo: supplied)

Dan Brunskill

Mon, 01 Nov 2021

New Zealand's headline share index started November with a decline, having already dropped 1.3% in October, with Westpac Bank leading the market lower on a depressing earnings result.The S&P/NZX 50 Index fell 69.51 points, or 0.5%, to 13,030.31. Turnover was on the light side at $106 million. Westpac’s result looked good from a distance, with earnings up more than 100% at A$5.35 billion (NZ$5.6b) and management announcing a A$3.5b share buyback. However, investors were underwhelmed by earnings in the second half which fe...

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