Stocks of the Hour: AusNet, Westpac & Macquarie Group

Westpac (ASX:WBC) has recorded cash profit of $5.35 billion for the 2021 financial year and announced a $3.5 billion off market buy-back. While the cash profit did not meet expectations of $5.42 billion, it rose 105 per cent from the prior year. Shares in Westpac (ASX:WBC) are trading 6.5 per cent lower at $24.

Electricity operator AusNet (ASX:AST) has entered into a scheme implementation deed with Brookfield after agreeing to its $10.2 billion bid. The offer values AusNet shares at $2.65 each, a step up from Brookfield’s previous offer of $2.50 around a month ago. Shares in AusNet Services (ASX:AST) are trading 3.9 per cent higher at $2.56.

Macquarie Group (ASX:MQG) began trading again today after completing its $1.5 billion institutional placement. The placement will result in 7.7 million new fully paid ordinary shares at $194.00 per share. Shares in Macquarie Group (ASX:MQG) are trading 0.01 per cent higher at $197.84.