Westpac shares up after RBA holds rates; investors still question value
Westpac Banking Corporation rose on Tuesday as buyers moved back into the big Australian banks after the Reserve Bank of Australia held rates steady. Shares last traded at A$35.75, up 43 cents or 1.22%. The broader S&P/ASX 200 was little changed at 8,917.70, up just 0.04%. Trading stayed choppy, but financial stocks gained with investors seeing the RBA’s pause as short-term relief for banks and mortgage borrowers. Westpac is exposed to rate decisions since banks feel swings in the cash rate in their loans, deposits and credit levels. The RBA kept the cash rate at 4.35% after three hikes earlier this year, warning inflation is still high and rates may need to rise again. Higher rates can help net interest