FSMNews

Australian stocks were higher after the close on Wednesday, as gains in the Consumer Discretionary, Energy, and Resources sectors took the lead in higher shares.

Rising stocks outnumbered declining ones on the Sydney Stock Exchange by 678 to 525 and 383 ended unchanged.

The S&P/ASX 200 VIX, which measures the implied volatility of S&P/ASX 200 options, was down 5.56 percent to 11.917, a new 1-month low. Meanwhile, the S&P/ASX 200 rose 0.29 percent at the close in Sydney.

Stock Performances

The best performers of the session on the S&P/ASX 200 were Wisetech Global Ltd., which rose 6.69 percent or 0.680 points to trade at 10.840 at the close.

Meanwhile, Corporate Travel Management Ltd. added 6.40 percent or 1.430 points to end at 23.780 and Pilbara Minerals Ltd. was up 5.03 percent or 0.040 points to 0.835 in late trade.

Whereas, the worst performers of the session were CYBG PLC, which fell 5.94 percent or 0.330 points to trade at 5.230 at the close.

Link Administration Holdings Ltd. declined 4.48 percent or 0.390 points to end at 8.320 and Mayne Pharma Group Ltd. was down 2.80 percent or 0.020 points to 0.695.

Additionally, in Forex AUD/USD was up 0.01% to 0.7769, while AUD/JPY rose 0.36% to 83.40.

"This type of behavior can attract penalties which include jail time. That is how serious these things are."

Banking Misconduct

FSMNews

Australian Treasurer Scott Morrison warned that financial sector executives responsible for prevalent breaches of corporate law could face jail as a powerful judicial inquiry heard more evidence of misconduct by the country’s top financial institutions.

Morrison’s comments on Wednesday were made after executives at AMP Ltd., Australia’s largest wealth manager, admitted a day ealier that employees had lied to the corporate regulator for almost a decade to cover up its practice of charging thousands of customers for services they didn’t provide.

In further testimony to the so-called Royal Commission on Wednesday, AMP executives admitted that it had charged users of online platforms for advice fees despite not receiving the permission required by law.

“What has occurred here and what has been admitted to in the Royal Commission by Amp is deeply disturbing,” Morrison said.

“This type of behavior can attract penalties which include jail time. That is how serious these things are.”

Subscribe to FSM News and fill yourself in on the freshest marketing news. We provide comprehensive and latest news and analysis regarding Forex, commodities, technology, financial, economy, and more.