Search ASX code:
Generic filters

Search ASX code:
Generic filters

Search ASX code:
Generic filters

This year. We're going Beyond.

Westpac (ASX:WBC) share price may fall on ASIC action

The Westpac Banking Corp (ASX: WBC) share price hasn’t moved much since releasing its HY21 results. However, ASIC today announced it has commenced proceedings, what does this mean for the Westpac share price?

WBC share price

Source: Rask Media WBC 6-month share price chart

Possible insider trading

ASIC’s proceedings relate to possible insider trading, unconscionable conduct and breaches of Westpac’s Australian financial services licensee obligations.

The possible misconduct is associated with the largest interest rate swap transaction executed in one tranche in Australian financial market history.

The transaction occurred on 20 October 2016 to support the privatisation of a majority stake in the electricity provider, Ausgrid by the NSW government.

ASIC alleges Westpac possessed inside knowledge or information that was not generally available to other market participants when the trade occurred.

This action could result in pecuniary penalties for Westpac as well as orders to address the alleged misconduct.

What now for Westpac?

Westpac provided an encouraging update to investors two days ago as it declared an interim dividend of 58 cents per share.

However, ASIC’s action will likely dampen any positive impact generated from the HY21 results.

The allegations will not help Westpac’s drive to take market share away from its competitors like Commonwealth Bank of Australia (ASX: CBA) and National Australia Bank Ltd. (ASX: NAB).

If you are interested in finding out how to value Westpac, you can click right here.

 

Is BNPL the opportunity of a lifetime or is the sector a ticking time bomb?

Rask's analyst has just finished a 7,500-word report, The Ultimate BNPL Sector Report, taking a deep dive into this booming ASX sector. It shines a spotlight on each of the major players. You can get the full analyst report for FREE by CLICKING HERE NOW or entering your email below.

Note: the report is 100% free.

Unsubscribe anytime. Read our TermsFinancial Services GuidePrivacy Policy. We’ll never sell your email address. Our company is Australian owned.

Is BNPL the opportunity of a lifetime or is the sector a ticking time bomb?

Rask's analyst has just finished a 7,500-word report, The Ultimate BNPL Sector Report, taking a deep dive into this booming ASX sector. It shines a spotlight on each of the major players. You can get the full analyst report for FREE by CLICKING HERE NOW.

Note: the report is 100% free.

At the time of publishing, the author of this article does not have a financial or commercial interest in any of the companies mentioned.

Information warning: The information on this website is published by The Rask Group Pty Ltd (ABN: 36 622 810 995) is limited to factual information or (at most) general financial advice only. That means, the information and advice does not take into account your objectives, financial situation or needs. It is not specific to you, your needs, goals or objectives. Because of that, you should consider if the advice is appropriate to you and your needs, before acting on the information. If you don’t know what your needs are, you should consult a trusted and licensed financial adviser who can provide you with personal financial product advice. In addition, you should obtain and read the product disclosure statement (PDS) before making a decision to acquire a financial product. Please read our Terms and Conditions and Financial Services Guide before using this website. The Rask Group Pty Ltd is a Corporate Authorised Representative (#1280930) of AFSL #383169.

Keep reading:

Rask Media’s Ultimate BNPL Sector Report

Afterpay, Zip, Sezzle… is this the opportunity of a lifetime? Or is BNPL a ticking time bomb? This 7,500-word analyst report takes a deep dive into the BNPL sector and shines a spotlight on each of the major players in this booming market. 

Unsubscribe anytime. Read our TermsFinancial Services GuidePrivacy Policy. We’ll never sell your email address. Our company is Australian owned.

As we emerge from COVID-19, some tech companies are growing faster than ever. Rask’s investment analysts have identified 3 growth stocks set to benefit. Big time.

Enter your email below to access this report for free, including the names, ticker codes and analysis.

Unsubscribe anytime. Read our TermsFinancial Services GuidePrivacy Policy. We’ll never sell your email address. Our company is Australian owned.