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    NAB   AU000000NAB4

NATIONAL AUSTRALIA BANK LIMITED

(NAB)
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Australia shares close up on miners boost; banks cap gains

11/25/2021 | 12:51am EST

Nov 25 (Reuters) - Australian shares reversed early losses to end marginally higher on Thursday, helped by gains in miners due to strong iron ore prices, though the benchmark's advance was capped by a weak financial sector.

The S&P/ASX 200 added 0.11% to close at 7,407.3. It had lost 0.15% on Wednesday.

Miners pulled up the index, adding 1.1%, as benchmark iron ore futures soared to a three-week high.

Major miners BHP, Rio Tinto and Fortescue Metals Group added between 1% and 1.8%.

The financial sector lost 0.9%, on a weak local currency.

"With the Reserve Bank of Australia more likely to hold a dovish stance on interest rates for quite some time, one can expect the greenback to strengthen further and the Australian dollar to remain under pressure", said Kunal Sawhney, chief executive officer of equity research firm Kalkine Group.

A Reuters poll found that the rate of soaring home prices in Australia is likely to ease off next year and in 2023, and a majority of analysts polled forecast affordability to worsen over the next 2-3 years.

The so-called "big four" banks, for whom mortgage loans are an important source of growth, gave up between 0.5% and 1.5%.

National Australia Bank lost 0.5%, even after the country's competition watchdog approved its acquisition of Citi's local consumer business.

Tech stocks also lent support to the benchmark as they climbed 2.4% in their best session in over a month. EML Payments surged 31.3% on its best day since March 2020 on getting the Irish central bank's nod to sign new customers.

New Zealand's S&P/NZX 50 rose 0.22% to 12,794.61, with the country's biggest company by market value, Fisher & Paykel, adding 4.9% after upbeat results.

New Zealand also reported a trade deficit for October, a day after its central bank hiked interest rates for the second time in as many months. (Reporting by Harshita Swaminathan; Editing by Shailesh Kuber)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BHP GROUP 2.74% 46.92 Delayed Quote.10.05%
EML PAYMENTS LIMITED 5.15% 2.86 Delayed Quote.-15.79%
FISHER & PAYKEL HEALTHCARE CORPORATION LIMITED -3.45% 28 End-of-day quote.-14.53%
FORTESCUE METALS GROUP LIMITED -0.15% 19.45 Delayed Quote.1.41%
NATIONAL AUSTRALIA BANK LIMITED 1.47% 27.65 Delayed Quote.-5.51%
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Analyst Recommendations on NATIONAL AUSTRALIA BANK LIMITED
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Financials
Sales 2022 17 572 M 12 288 M 12 288 M
Net income 2022 6 398 M 4 474 M 4 474 M
Net Debt 2022 - - -
P/E ratio 2022 14,5x
Yield 2022 4,99%
Capitalization 89 716 M 63 220 M 62 738 M
Capi. / Sales 2022 5,11x
Capi. / Sales 2023 4,89x
Nbr of Employees 32 741
Free-Float 98,7%
Chart NATIONAL AUSTRALIA BANK LIMITED
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National Australia Bank Limited Technical Analysis Chart | NAB | AU000000NAB4 | MarketScreener
Technical analysis trends NATIONAL AUSTRALIA BANK LIMITED
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TrendsBearishNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 16
Last Close Price 27,65 AUD
Average target price 30,30 AUD
Spread / Average Target 9,57%
EPS Revisions
Managers and Directors
Ross Maxwell McEwan Group CEO, Managing Director & Director
Gary A. Lennon Group Chief Financial Officer
Philip Wayne Chronican Chairman
Patrick C. Wright Group Executive-Technology & Enterprise Operations
Leslie Durno Matheson Group Chief Operating Officer