Trading Day: S&P/ASX 200 peels back gains to finish flat, banks up, Afterpay drops

ASX 200 has lost its intraday gains to make a flat start to the week following negative Wall Street leads and commodities weakness. Westpac half year cash earnings up 256pc. Premier Investments to repay $15.6m in JobKeeper. Job ads lift. Afterpay, WiseTech drop.

The ASX faces a busy week, with three of the four major banks releasing half-year profits. Picture: AAP

Welcome to the Trading Day blog for Monday, May 3.

Westpac shareholders responded to the bank’s announcement that half-year cash earnings had jumped 256%, sending the bank’s shares 5 per cent higher to $26.23. The S&P/ASX200 finished 0.04% higher at 7028.8, as financials led the market overall, with the sector gaining 1.42%.

ANZ reports its earnings on Wednesday and NAB on Thursday. Premier Investments said it plans to repay $15.6m in JobKeeper.

Iron ore miners, BHP, Fortescue Metals Group and Rio Tinto are all lower with a drop in the iron ore price after a record high last week. Afterpay, Xero, WiseTech and Computershare are all lower.