The Australian sharemarket saw a 0.7% increase in the benchmark S&P/ASX 200 Index on Monday, primarily driven by gains in interest rate sensitive sectors such as real estate and information technology ahead of the Reserve Bank's expected decision to maintain the cash rate.
The Australian sharemarket surged at opening due to a weaker-than-expected US jobs report, suggesting potential interest rate cuts in the US. At 11:30am, the S&P/ASX 200 is 0.54 per cent higher at 7,670.3.
Westpac profits deceased 16%. Despite this, it's interim dividend increased by 5c, to 75c, with a one off 15c a share payout, and a $1bn buyback program.