Westpac Banking Corp (ASX:WBC) shares dip as much as 2.1% to A$20.82, marking their lowest value since July 10.

Westpac, ranking as Australia’s third-largest lender, reported a third-quarter cash profit of A$1.8 billion ($1.15 billion).

This is mainly due to surging competition in the home lending sector, which significantly affected margins.

It is observed that the expenses to date for the second half have increased by 5% as compared to the first half, as a direct result of high supplier costs and employee wages.

Furthermore, Westpac posted a core net interest margin of 1.86% for the third quarter, indicating a decrease of 4 basis points from the first half of fiscal 2023.

The company noted its biggest intraday fall since Aug.

2, with shares sliding 8.9% for the year as of the last close.

Westpac is one of Australia’s leading banks, offering banking and financial services to consumers and businesses.

Agribusiness firm Elders (ASX:ELD) records a substantial drop, with shares falling as much as 13.9% to A$6.130, the biggest intraday percentage drop since May 15.

Elders thus ranks among the top losers in the ASX 200 benchmark index.

It’s also currently at its lowest level since June 26.

The company is now anticipating FY23 underlying EBIT between A$165 mln and A$175 mln, a reduction from the former projection of A$180 mln to A$200 mln.

This is compared to last year’s underlying EBIT of A$232 mln.

The reduction in outlook is attributed to below-target rural product sales, margin pressure, and declining cattle and sheep prices.

Elders also notes caution in customer sentiment.

As of the last close, Elders shares have decreased around 30% this year, compared to the 1.6% increase of the ASX 200 benchmark index.

Elders is a leading Australian agribusiness firm involved in the production and sale of livestock and agricultural products.

Shares of Beach Energy enjoyed a considerable rise, climbing as much as 3.3% to A$1.575.

This marks its biggest intraday percent gain since August 10.

The boost in Beach Energy’s (ASX:BPT) stock market performance was driven by the company’s announcement of a new gas discovery at Trigg Northwest 1, the fourth well in the ongoing Perth Basin gas exploration campaign and the second under Beach Energy’s direct operations.

Looking forward, the company plans to continue investing in probing the Perth Basin acreage in its quest to bring new gas supply to the domestic market in Western Australia.

Concurrently, Beach Energy (ASX:BPT) revealed its plans to case and complete the gas well to facilitate future productivity testing, discern connected volumes, and ascertain commerciality.

The company’s stock has this year seen a decline of 4.4% as of the last closing.

Beach Energy (ASX:BPT) is an oil and gas producer involved in exploration and production activities.

Shares of Reliance Worldwide (ASX:RWC) have taken a significant hit, slipping as much as 7.8% to A$3.91.

This marks their steepest intraday percent fall since October 25, 2022.

The plumbing products and services firm reported a FY23 adjusted net profit after tax of $155.7 million, a decrease by 4% from the previous year.

Reliance Worldwide (ASX:RWC) forecasts its revenue to decrease by low single-digit percentage points in FY24, in comparison to FY23 levels.

Additionally, the management anticipates FY24 first-half operating margins to dwindle due to inventory reduction efforts.

The company has announced a final dividend of 5 cents per share, unchanged from its level a year earlier.

The stock has reached its nadir since July 24, yet, ended being up 43.2% YTD, as of its last closing day.

Reliance Worldwide (ASX:RWC) is a firm specializing in plumbing products and services.

According to Morningstar, Magellan Financial’s FY23 profit in its fundamental funds management division surpassed analysts' predictions by 3%.

This resulted in a 1% increase in Magellan’s share, which is now valued at A$10.52.

The surprisingly high profit is attributed to unexpectedly substantial revenue and cost in FY23.

The brokerage stated that their fair value estimate for the Australian fund manager will rise to A$11.50 per share, providing the company continues to retain its cost-to-income ratio at CV23 levels.

However, Morningstar predicts that Magellan will continue to have net outflows during our estimation period.

As of the most recent closure, the stock has seen an increase of 16.6% this year.

Magellan Financial is a prominent fund manager based in Australia.

Shares of Mercury NZ (ASX:MCY) are experiencing a considerable drop, falling as much as 2.9% to NZ$6.4 in what could be their most significant dip since June 7, if the losses persist.

The electricity retailer revealed a fiscal year net profit from continuing operations of just NZ$103 million ($61.10 million), a sharp decline of 78%.

Yet, there is a silver lining, as the company reported a 24.8% increase in revenue from continuing operations, bringing it to NZ$2.73 billion.

Looking into the future, Mercury NZ (ASX:MCY) anticipates an ordinary dividend of 23.3 NZ cents per share for Fiscal Year 2024, a 6.9% increase from FY23.

Despite the recent dip, the stock has risen 18.5% this year up to the last close.

Mercury NZ (ASX:MCY) is a New Zealand electricity retailer specializing in the generation, trading, and sale of electrical power.

Its shares recently fell to their lowest level since July 28.

Macquarie Bank has downgraded Domain Holdings (ASX:DHG), a renowned Australian property listing firm, from ‘neutral’ to ‘underperform’.

This noteworthy shift is primarily due to a softening growth outlook and rising operational expense.

Furthermore, Macquarie has revised its price target for the firm, lowering it from A$4.00 to A$2.80.

The company had recently reported a substantial decrease of 20.6% in EBITDA for the fiscal year, failing to hit estimates.

Consequently, the brokerage has adjusted its forecasts, factoring in the lower earnings, elevated operational costs, and overall demanding market conditions.

It has slashed the EPS predictions by 19% to 28% for the fiscal years 2024 through 2027, and has reduced its NPAT expectations for FY24 by 28% to A$44.3 million and by 21% to A$61.0 million for FY25.

In a survey of 21 analysts, only one recommends ‘buy’, eight advise ‘hold’, and two suggest ‘sell’ or lower, with a median price target of A$3.60.

As of today, Domain Holdings (ASX:DHG) shares are trading 1.1% lower at A$3.57.

Still, the company’s stock is up 33.2% this year.

Despite the recent downward revision, it exhibits a strong performance trajectory.

Domain Holdings (ASX:DHG) is a recognized property listing company in Australia, facilitating a platform for residential and commercial property transactions.

New Zealand’s a2 Milk (ASX:ATM) shares significantly dropped, plunging by as much as 9% to NZ$4.870, hitting their lowest mark since August 10 of the previous year.

This is the worst intraday percentage drop the company has witnessed since the same day last year, making it the top loser in the S&P NZX 50 index.

The company anticipates a low single-digit revenue growth for the fiscal year 2024 in stark contrast to the solid 10.1% revenue growth it reported for fiscal year 2023.

They also issued a warning about the potential decline in China’s infant milk formula market due to the falling birth rate.

Today, over 1.3 million shares exchanged hands, surpassing the 30-day average of 336,478 shares.

a2 Milk (ASX:ATM) is a New Zealand-based dairy company specializing in premium-quality milk products.

Promises by the People’s Bank of China to alleviate widespread concerns surrounding China’s economic health and an anticipated cut to its lending benchmarks set the stage for a consequential week.

This political and financial procession will peak with the Federal Reserve’s yearly symposium taking place in Jackson Hole, Wyoming.

Offshore markets displayed instability last Friday, with increased wariness due to heightened U.S.

yields and economic and systemic worries in China, which are being intensified due to growing property issues.

Wall Street showed mixed results, with Treasury yields and the U.S.

dollar falling while commodities ended the day on a high.

The outlook for Asian markets is negative, with EM ETFs closing 0.67% lower.

However, sentiment may readjust based on actions taken by the PBOC and China’s strategy to rejuvenate the stock market.

Caixin has reported that China intends to let local governments sell $205.9 billion of special financing bonds to aid 12 regions in repaying debt, according to Bloomberg News.

Dow Jones was up by 0.1%, S&P stayed constant at +0.01% while Nasdaq dropped by 0.19% due to weakness in megacap growth stocks.

U.S.

yields slipped after the recent spike, with 2-year yields down -2bp to 4.9430%, 10-year yields down -6bp to 4.2510%, and 30-year yields down -3bp to 4.3790%.

Oil prices rose on indications of decelerating U.S.

output, with Brent up by +0.8% and WTI up by +1.1%.

U.S.

copper made up for recent losses at +0.4% and gold remained stable on bets for higher-for-longer rates.

The U.S.

dollar weakened, going down by 0.2% but still bagged its fifth consecutive week of gains, with EUR, GBP, USD/JPY, USD/CHF, AUD, NZD, USD/CAD and USD/CNH showing little change.

The source of this information is Krishna Kumar who is a market analyst providing his personal views.

The industries impacted by this news include financials and banking & investment services.

Nib Holdings (ASX:NHF) declared a final dividend of 15.00 AU cents per share.

The company expressed optimism for the growth of its private health insurance business in Australia and New Zealand, despite the ongoing pressure on household budgets.

While a number of macroeconomic factors called for caution, the outlook for the group as a whole remains positive.

Nib Holdings is a health and medical insurance company based in Australia.