Westpac flags $282m profit hit but makes a gain on Zip and Coinbase; ASX opens flat

The Australian share market has edged slightly higher, after struggling for direction in early trade, as gains for banks offset falls for consumer and tech stocks.

By 10:35am AEST, the ASX 200 was up by just 2 points to 7,063.

The Australian dollar was slightly higher, buying around 77.5 US cents.

The major banks were on the rise, including shares in Westpac (+0.7pc).

That is despite Westpac flagging a $282 million hit to its first half profit, as it sets more cash aside for customer remediation.

Write-downs and the end of the bank’s relationship with IOOF will also weigh on the result, to be released next week.

However, the losses were offset by a gain on Westpac’s investment in cryptocurrency exchange Coinbase, as well as the sale of…