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MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  National Australia Bank Limited    NAB   AU000000NAB4

NATIONAL AUSTRALIA BANK LIMITED

(NAB)
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Australia shares gain as cenbank signals stimulus boost

12/01/2020 | 07:31pm EST

* RBA sees "solidly positive" growth in Sept and Dec qtrs

* Westpac down 0.7%, sells general insurance arm to Allianz

* Mesoblast gains on FDA fast-track designation for Remestemcel-L

Dec 2 (Reuters) - Australian shares rose on Wednesday after the central bank governor struck an optimistic note about the country's economy, though trade remained subdued as lenders Commonwealth Bank of Australia and Westpac weighed on the index.

The S&P/ASX 200 index was up 0.14% at 6,597.40 by 2335 GMT.

Reserve Bank of Australia Governor Philip Lowe struck an optimistic note about economic growth, saying the board was still prepared to boost monetary stimulus, if needed. He added that growth in both September and December quarters was expected to be "solidly positive".

Data on third-quarter gross domestic product due later in the day is likely to show a rebound in the Australian economy - a 2.5% growth in the September quarter from a 7% contraction in the three months ended June.

Among gainers, miners were the biggest boost to the benchmark, with global iron ore miners BHP Group and Rio Tinto jumping nearly 2%.

Healthcare sector rose 0.8%, with biotechnology firm Mesoblast soaring as much as 18.6% on getting https://bit.ly/2KZpn6j fast-track designation from the U.S. Food and Drug Administration for its therapy product, Remestemcel-L, to treat acute respiratory distress syndrome.

Financials weighed on the index, with top lenders Commonwealth Bank of Australia and National Australia Bank shedding 1.1% and 0.4%, respectively.

The country's third-largest bank Westpac fell up to 0.7% after the lender said it would sell its general insurance arm to German insurer Allianz for A$725 million ($534.76 million).

Across the Tasman Sea, New Zealand's benchmark S&P/NZX 50 index was up 0.24% to 12,760.01.

($1 = 1.3557 Australian dollars) (Reporting by Sameer Manekar in Bengaluru, Editing by Sherry Jacob-Phillips)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ALLIANZ SE -1.49% 195.28 Delayed Quote.-2.70%
BHP GROUP -1.89% 46.13 End-of-day quote.8.72%
COMMONWEALTH BANK OF AUSTRALIA -0.27% 85.09 End-of-day quote.3.63%
MESOBLAST LIMITED -1.22% 2.43 End-of-day quote.8.00%
NATIONAL AUSTRALIA BANK LIMITED -0.74% 24.12 End-of-day quote.6.73%
RIO TINTO GROUP -2.10% 119.32 End-of-day quote.4.82%
S&P/ASX 200 -0.34% 6800.4 Real-time Quote.3.24%
WESTPAC BANKING CORPORATION -0.18% 21.78 End-of-day quote.12.44%
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Financials
Sales 2021 17 010 M 13 113 M 13 113 M
Net income 2021 4 840 M 3 731 M 3 731 M
Net Debt 2021 - - -
P/E ratio 2021 16,9x
Yield 2021 4,09%
Capitalization 79 392 M 61 264 M 61 204 M
Capi. / Sales 2021 4,67x
Capi. / Sales 2022 4,61x
Nbr of Employees 31 372
Free-Float 99,7%
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Technical analysis trends NATIONAL AUSTRALIA BANK LIMITED
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Mean consensus OUTPERFORM
Number of Analysts 14
Average target price 24,75 AUD
Last Close Price 24,12 AUD
Spread / Highest target 9,87%
Spread / Average Target 2,60%
Spread / Lowest Target -8,79%
EPS Revisions
Managers and Directors
NameTitle
Ross Maxwell McEwan Group CEO, Managing Director & Director
Philip Wayne Chronican Chairman
Leslie Durno Matheson Chief Operating Officer
Gary A. Lennon Group Chief Financial Officer
Patrick C. Wright Chief Technology Officer