Stocks to watch on the Australian stock exchange:
ANZ - ANZ BANKING GROUP - up $1.115, or 3.9 per cent, to $29.145
CBA - COMMONWEALTH BANK - up $2.425, or 3 per cent, to $83.825
NAB - NATIONAL AUSTRALIA BANK - up $1.02, or 3.5 per cent, to $30.42
WBC - WESTPAC- up $1.12, or 3.6 per cent, to $31.89
The big four banks will have to raise billions of dollars of extra cash by 2020 after the country's prudential regulator raised the amount of top quality capital they must hold.
CIM - CIMIC GROUP - up $2.39, or 6.2 per cent, at $41.19
Shares in the construction and contract mining giant are again higher after the company on Tuesday reported a stronger half year profit and dividend, and forecast further profit growth.
IAG - INSURANCE AUSTRALIA GROUP - up 4.5 cents, or 0.7 per cent, to $6.785
IAG will create an Australian division as part of its optimisation program to reduce gross operation costs by $250 million by the end of the 2019 full year.
BHP - BHP BILLITON - down 43 cents, or 1.7 per cent, to $24.67
The mining giant has met full-year production targets in its main iron ore and petroleum businesses, but fell just short in its troubled copper business because of an extended strike at a Chilean mine.
OSH - OIL SEARCH - down 16 cents, or 2.4 per cent, to $6.57
STO - SANTOS - down 3.5 cents, or 1.2 per cent, to $3.005
WPL - WOODSIDE PETROLEUM - up 13 cents, or 0.4 per cent, to $29.70
Oil prices rose slightly overnight as Saudi Arabia's crude oil exports fell and solid demand soaked up some of what is seen as an oversupplied market.
WLD - WELLARD - down 3.75 cents, or 25.9 per cent, at 10.75 cents
The cattle exporter's shares continue to plunge in value after it said on Tuesday it expects to post an annual pre-tax loss of between $55 million and $65 million as high prices for local cattle weigh on demand from Asia.