Income Note: Will bank dividends move higher & what’s wrong with Westpac?
The ASX has followed overnight markets higher this morning with a bounce back in technology, materials and financials supporting a 1% gain at the index level.
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A better day for Aussie stocks playing out with the index tracking marginally higher at time of writing. The banking sector is providing some weight with ANZ down 0.74% to be the worst performer in the sector after passing on the full 0.25% cut to rates yesterday, while NAB is performing ‘relatively’ well down by just 0.08%. We trimmed our banking exposure in the Growth Portfolio yesterday, however have elected to retain current weightings for now in the income model.
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