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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 hit 9-month high as Biden transition lifts risk appetite

11/24/2020 | 07:31pm EST

* Australia on track for a third consecutive session of gains

* Financials, energy stocks hit 8-1/2-month high

* Gold stocks at 6-1/2-month low as safe-haven appeal fades

* NZ cenbank to resume mortgage lending curbs next year

Nov 25 (Reuters) - Australian shares touched a near nine-month high on Wednesday, tracking an overnight Wall Street rally, as a formal green light for U.S. President-elect Joe Biden to transition to the White House assuaged political uncertainty.

The Dow Jones Industrial Average closed above the 30,000-point mark for the first time as investors cheered the positive developments in Washington and hopes that a potential vaccine will soon be widely available.

In Australia, states continued easing virus-induced travel curbs, with the country firmly on the path to virtually eliminating the virus as new infections slowed to a trickle.

The S&P/ASX 200 index was up 0.8% at 6,697.1 by 2359 GMT, its highest since Feb. 27, on track for a third straight session of gains.

Energy stocks climbed to an 8-1/2-month peak after oil prices reached their highest since March on vaccine optimism. Woodside Petroleum climbed 4.2%, while Santos jumped 5.2%.

Heavyweight financials gained up to 1.9% to hit an 8-1/2-month high on prospects for a broader economic rebound.

Commonwealth Bank of Australia tacked on 2.6% and National Australia Bank rose 2.5% to lead gains in the sub-index.

Top miners BHP Group and Rio Tinto were the biggest winners in the metals and mining sub-index.

A continued downturn in prices of safe-haven bullion saw gold stocks take a beating and slip to their lowest in 6-1/2 months, with Evolution Mining and AngloGold Ashanti losing the most.

New Zealand's benchmark S&P/NZX 50 index rose 1.1% to 12,696.87, with local shares of Westpac Banking Corp and Australia and New Zealand Banking Group rising 3.4% and 3.3%, respectively.

Meanwhile, the country's central bank said it intended to resume mortgage lending curbs next year amid rising fears of a housing bubble.

(Reporting by Arpit Nayak in Bengaluru, Editing by Sherry Jacob-Phillips)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED 1.65% 24.68 End-of-day quote.8.72%
BHP GROUP 0.92% 45.87 End-of-day quote.8.11%
COMMONWEALTH BANK OF AUSTRALIA 0.52% 85.11 End-of-day quote.3.65%
DJ INDUSTRIAL 0.38% 30930.52 Delayed Quote.0.68%
EVOLUTION MINING LIMITED 1.10% 4.59 End-of-day quote.-8.02%
NASDAQ 100 1.50% 12996.536673 Delayed Quote.-0.65%
NASDAQ COMP. 1.53% 13197.179496 Delayed Quote.0.86%
NATIONAL AUSTRALIA BANK LIMITED 1.56% 24.02 End-of-day quote.6.28%
RIO TINTO GROUP 0.71% 119.63 End-of-day quote.5.10%
S&P 500 0.81% 3798.91 Delayed Quote.1.14%
S&P/ASX 200 0.53% 6776 Real-time Quote.1.15%
SANTOS LIMITED -0.27% 7.34 End-of-day quote.17.07%
WESTPAC BANKING CORPORATION 1.93% 21.6 End-of-day quote.11.51%
WOODSIDE PETROLEUM LTD 1.01% 26.92 End-of-day quote.18.38%
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Financials
Sales 2021 17 006 M 13 078 M 13 078 M
Net income 2021 4 804 M 3 694 M 3 694 M
Net Debt 2021 - - -
P/E ratio 2021 16,9x
Yield 2021 4,07%
Capitalization 79 063 M 60 841 M 60 799 M
Capi. / Sales 2021 4,65x
Capi. / Sales 2022 4,60x
Nbr of Employees 31 372
Free-Float 99,7%
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Technical analysis trends NATIONAL AUSTRALIA BANK LIMITED
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 14
Average target price 24,27 AUD
Last Close Price 24,02 AUD
Spread / Highest target 8,24%
Spread / Average Target 1,03%
Spread / Lowest Target -16,3%
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