AU Evening Wrap: Australia Shares Rise 0.7%, Led by Real-Estate Stocks

Australia's $S&P/ASX 200 (.XJO.AU)$ closed 0.7% higher at 7682.4, driven by strength in real-estate stocks.

Property trusts were the best performing sector, rising 1.8%. $Goodman Group (GMG.AU)$ jumped 4.1%, while $Stockland Corp Ltd (SGP.AU)$ added 0.9%.

Major banks gained ahead of the Reserve Bank of Australia's rates decision on Tuesday. $National Australia Bank Ltd (NAB.AU)$, $ANZ Group Holdings Ltd (ANZ.AU)$ and $CommBank (CBA.AU)$ rose 0.8%, 1.0% and 1.2% respectively. $Westpac Banking Corp (WBC.AU)$ rose 2.7% after reporting a profit fall in its 1H FY 2024 earnings, but an increase in its buyback.

$Healius Ltd (HLS.AU)$ gained 6.5%, with fellow healthcare stocks $Nanosonics Ltd (NAN.AU)$ and $Cochlear Ltd (COH.AU)$ also rising 2.6% and 1.0% respectively, even as the sector as a whole finished 0.1% lower.

$Qantas Airways Ltd (QAN.AU)$ added 0.3% after it said it had agreed to pay civil penalty of A$100 million for selling tickets for canceled flights.

$Westpac Banking Corp (WBC.AU)$ has reported a 16% drop in net profit for the first half of the 2024 financial year, citing mortgage competition that has squeezed its lending margins. Despite this, the bank's strong balance sheet allowed it to pay a fully franked special dividend of 15¢ per share, in addition to its ordinary dividend of 75¢ per share, which is also fully franked. Westpac has also increased its share buyback by $1 billion to $2.5 billion.

$Qantas Airways Ltd (QAN.AU)$ has agreed to pay $120 million to settle a legal claim brought against it by the Australian Competition and Consumer Commission (ACCC) over allegations of misleading customers. The airline admitted to misleading travellers and will pay a projected $20 million remediation program for affected passengers. Customers who were impacted by flight cancellations will receive compensation ranging from $225 to $450. The settlement is also subject to the approval of the Federal Court of Australia, which will also require Qantas to pay a $100 million civil penalty.

$Endeavour Group Ltd (EDV.AU)$, the pubs and liquor giant, has reported an increase in sales in its retail and hotel divisions, according to its latest trading update. The company recorded third-quarter retail sales of $2.4 billion, up 2.4% from the same period last year, while hotel sales were reported at $487 million, up 1.5%. Despite the sales growth, Endeavour Group acknowledged that it continues to face inflationary cost pressures and is "tightly" managing its cost of doing business. The company is the parent of Dan Murphy's.