AUSTRALIA'S WESTPAC EXPECTED TO MEET FY EARNINGS GUIDANCE.

AsiaPulse News, April, 2003

SYDNEY, April 1 Asia Pulse - Westpac Banking Corp (ASX:WBC) topped bank shares higher today, as investors moved to shield themselves from global economic uncertainty with solid domestic stocks.

Analysts said first half 2002/03 earnings for Westpac, ANZ Banking Group Ltd and National Australia Bank Ltd, due out in the next month or so, were still expected to meet earlier guidance.

"The Iraqi war's probably put a bit of a dampener on the global growth outlook, and the banks tend to be defensive in an environment where people are pulling back growth expectations," one analyst said.

While the broader market sagged, Westpac gained 44 cents, or nearly three per cent, to $A15.52 ($US9.35), its highest close since September 18, 2002.

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