Banks Surge in Australia on Morrison's Shock Election Win
A man looks at an electronic board displaying stock information at the Australian Securities Exchange.
Photographer: Lisa Maree Williams/BloombergThis article is for subscribers only.
Shares of Australia’s big four banks surged in Sydney trading, after Scott Morrison’s center-right government pulled off a shock election win, killing opposition plans to wind back tax breaks for property and stock market investors.
Westpac Banking Corp. led the rally, closing 9.2% higher for its biggest one-day gain in almost 31 years. National Australia Bank Group Ltd. jumped 7.9%, Australia & New Zealand Banking Group Ltd. added 7.8% and Commonwealth Bank of Australia climbed 6.3%.