Following Wall Street’s record levels on Friday, the ASX 200 rebounded to rise by 0.6% today.

All sectors were in the green, except for Financials which fell by around 0.6%.

The sector was dragged down by Westpac (ASX:WBC), which slumped by more than 6% following the bank’s disappointing full year results that missed expectations.

Despite earnings more than doubling to $5.35bn and announcing a $3.5bn off-market buyback, investors were left largely  unconvinced as the bank revealed growing cost pressures caused by hiring more Compliance staff.

Property stocks including real estate platform REA Group (ASX:REA) outperformed, after the latest Corelogic data showing that Australian property prices increased by another 1.50% in October.

Meanwhile, Judo Bank (ASX:JDO) rose 2% on debut, after completing a $657m IPO in one of the biggest floats this year.

The bank, which provides financial services to small and medium-sized enterprises, began trading with an initial market cap of $2.3bn.

 

BIG CAP WINNERS

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Oncology company Imugene (ASX:IMU) surged following its announced collaboration with another immuno-oncology company, Eureka Therapeutics.

The collaboration will evaluate Eureka’s anti-CD19 ARTEMIS T-cell therapy in combination with Imugene’s oncolytic virus for the treatment of solid tumours.

AusNet Services (ASX:AST) rose after receiving a takeover proposal from Brookfield which valued AST at $2.65 cash per share for an enterprise value of of $17.8 billion.

Brookfield is leading a consortium which includes co-investors in the superannuation and funds management industry.

Telix Pharma (ASX:TLX) and AVZ Minerals (ASX:AVZ) both rose by 10% on no specific news.

BIG CAP LOSERS

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Along with Westpac, Resmed (ASX:RMD) fell today after reporting that its gross margins for the quarter contracted by 2.7% to 56%, despite revenues growing by 20% to US$904 million.