Banks down as Westpac (ASX:WBC) is accused of breaching anti-money laundering laws: ASX closed 1.4%
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It has been a negative day of trade for the Australian share market closing 1.4 per cent lower. Banks were hit hard today after Westpac (ASX:WBC) reported that AUSTRAC had applied to the Federal Court for civil penalty orders to be made in relation to anti-money laundering failures – more on this later. All banks fell dragging the market lower. Testing company ALS (ASX:ALQ) shares shot up over 10 per cent today after they exceeded their NPAT guidance by over 5 per cent. As for the sectors today Consumer Discretionary led the day and Financials fell lower. The S&P/ASX200 index: At the closing bell the S&P/ASX 200 index closed 92 points down to finish at 6,722. Futures market: Dow futures are suggesting a fall of 36.. S&P 500 futures are eyeing a fall of 5 points. The Nasdaq futures are eyeing a dip of 24 points. And the ASX200 futures are eyeing a 93 point fall tomorrow morning. Broker Moves: Citi has upgraded Saracen Minerals (ASX:SAR) to a buy from Neutral, with a 12-month price target of $4.10. The move comes given the likely acquisition of Barrick Gold's 50 per cent stake in the Kalgoorlie Central Gold Mine JV. Shares in Saracen Minerals (ASX:SAR) is down 8.9 per cent to $3.03. Local economic news : The six month annualised growth rate in the Westpac– Melbourne Institute Leading Index, which indicates the likely pace of economic activity lifted from –1.01% in September to –0.91% in October. Despite a slight improvement in the month, the growth rate remains materially below trend. Company news : Software and services company to the energy, water and communications industries Hansen Technologies (ASX:HSN) has signed a contract with Aurora Energy, for the implementation of HubCX, an energy billing product. It will be cloud-based and delivered under a SaaS model. Owned by the Tasmanian Government, Aurora Energy is the leading energy retailer in Tasmania. Shares in Hansen Technologies (ASX:HSN) are 0.6 per cent higher at $3.42. Testing company ALS (ASX:ALQ) today a...
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