SYDNEY, June 30, 2026, 03:01 AEST
- Westpac Banking Corporation ASX:WBC closed at A$35.24 on Monday, gaining 0.28%. That lagged both the S&P/ASX 200, which rose 0.68%, and the financials sector, up 0.75%.
- WBC traded 3.75 million shares, lower than its 5.64 million average. The stock is down 18.6% from its 52-week high.
- Market Index said Morgan Stanley data showed active managers continued to run a big Financials underweight, with most of it in Commonwealth Bank of Australia ASX:CBA, WBC and National Australia Bank ASX:NAB.
Westpac Banking Corporation ASX:WBC edged up 10 cents to A$35.24 on Monday, trailing the broader market and sector. The S&P/ASX 200 (INDEXASX:XJO) was up 59.2 points at 8,823.4 and financials rose 0.75%, Market Index data showed. Google Finance showed a 0.28% gain for WBC at 4:19 p.m. AEST.
Westpac moved 3.75 million shares, or about 66% of normal turnover, with shares still sitting 18.6% under the A$43.32 52-week high. Trading didn’t pick up, and neither did the price, so even a low multiple probably won’t draw new money in when the sector rallies.
Google Finance had the four major banks listed like this after Monday’s close.
| Company | Close | 1-day move | Volume / avg. volume | P/E | Dividend yield |
|---|---|---|---|---|---|
| Commonwealth Bank of Australia ASX:CBA | A$163.61 | up 0.98% | 1.79 million vs 2.51 million | 26.48 | 3.03% |
| National Australia Bank ASX:NAB | A$37.89 | up 1.01% | 4.09 million on 6.84 million average | 18.91 | 4.49% |
| ANZ Group Holdings ASX:ANZ | A$35.20 | added 0.46% | 3.53 million against 5.00 million | 17.89 | 4.72% |
| Westpac Banking Corporation ASX:WBC | A$35.24 | rose 0.28% | 3.75 million vs 5.64 million | 17.37 | 4.37% |
Westpac posted the smallest daily rise out of the big four and kept the group’s lowest P/E. Still, its yield fell short of ANZ and NAB, so the stock stayed stuck—priced lower on earnings but without top income.
Fund positioning told a similar story. Market Index cited Morgan Stanley numbers showing domestic active managers kept a defensive stance, staying heavily underweight Financials, mostly in CBA, WBC and NAB. ANZ was the sole major bank shifting from underweight to average overweight in the last year, while May flows moved into WBC and CBA.
Morgan Stanley has taken a more cautious stance on the big banks, according to Market Index. The firm cited FY27 earnings risk from mortgages and credit quality, and ranked ANZ as its top pick. NAB, WBC and CBA were all rated underweight.
Brokers were split on WBC, with Monday’s close landing the stock near Macquarie’s target, but still short of UBS’s mark. According to Market Index’s broker table, Macquarie is sticking with Underperform and a A$35.14 target, while UBS keeps Neutral and a A$38.80 target.
| Broker | WBC rating | Target price | Gap to Monday close |
|---|---|---|---|
| Macquarie | Underperform | A$35.14 | -0.3% |
| UBS | Neutral | A$38.80 | +10.1% |
Market Index’s Carl Capolingua described the financial sector’s rise as “orderly rather than emphatic.” He said it seemed driven more by belief in the Reserve Bank of Australia’s rate pause than by new optimism. The RBA kept the cash rate at 4.35% on June 16 after earlier hikes this year. Market Index
Westpac’s May numbers are the main reference point in the discussion. The bank posted A$3.5 billion in first-half net profit, not counting notable items. That’s a 1% drop from the last half but 1% higher compared to the same period a year ago. Westpac declared a 77-cent interim ordinary dividend. Chief Executive Anthony Miller said the bank had “delivered solid operating momentum while investing for the future.” Westpac
Traders are watching Tuesday, with Market Index’s calendar showing the RBA’s June policy meeting minutes and May private-sector credit both scheduled for 11:30 a.m. AEST.
