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    NAB   AU000000NAB4

NATIONAL AUSTRALIA BANK LIMITED

(NAB)
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Australian shares end lower as banks, Woolworths drag

06/09/2021 | 02:57am EDT

* ASX 200 briefly set a record high of 7,334.90

* Miners top gainers, snap 3-day losing streak

* Woolworths marks worst session in 6-weeks

June 9 (Reuters) - Australian shares pulled back from record highs to end lower in thin trade on Wednesday, weighed down by declines in financial stocks and supermarket giant Woolworths.

The S&P/ASX 200 index gained as much as 0.6% in early trading but reversed course to close 0.3% lower at 7,270.2. It ended 0.1% higher on Tuesday.

"We are searching for direction. Having hit record highs, we are searching for the next leg up, but it's hard to get enthused about the market at the moment," said Henry Jennings, senior analyst at Marcustoday Financial Newsletter.

The heavyweight financial sector fell 0.5%, with National Australia Bank closing at a nearly three-week low. The rest of the "Big Four" banks also closed in the red.

Australia's biggest supermarket chain Woolworths shed 1.9%, its sharpest fall in six weeks, after local media reported that an independent review found failings by the firm over its plan to build a liquor store near alcohol-free communities in Darwin.

Gold stocks also saw losses, with sector heavyweight Newcrest Mining dropping 0.7%.

Australia's major miners were a bright spot, with Fortescue Metals Group rising 1%, while the broader sector added 0.2%.

Reserve Bank of Australia's assistant governor, Chris Kent, said on Wednesday the central bank's policy measures will continue to deliver "very stimulatory monetary conditions" until inflation and employment targets are met.

Producer prices in China, Australia's largest trading partner, rose at their fastest annual pace in over 12 years in May on surging commodity prices, although that has yet to translate into much higher consumer prices.

Adding to dour sentiment, a measure of Australian consumer sentiment fell for a second month in June as a lockdown in Victoria state darkened the mood despite signs of strength across the economy.

New Zealand's benchmark S&P/NZX 50 index closed 0.4% higher at 12,566.5, with movie software maker Vista Group as the top gainer. (Reporting by Harish Sridharan in Bengaluru; Editing by Ramakrishnan M.)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ASX LIMITED 0.05% 76 End-of-day quote.5.56%
BRICKWORKS LIMITED -0.51% 23.6 End-of-day quote.22.92%
FORTESCUE METALS GROUP LIMITED -0.84% 22.42 End-of-day quote.-4.31%
NATIONAL AUSTRALIA BANK LIMITED -0.52% 26.87 End-of-day quote.18.89%
NEWCREST MINING LIMITED -2.95% 25.96 End-of-day quote.0.70%
S&P/ASX 200 0.13% 7368.9 Real-time Quote.11.87%
VISTA GROUP INTERNATIONAL LIMITED -1.65% 2.38 End-of-day quote.41.67%
WOOLWORTHS GROUP LIMITED -1.57% 42.67 End-of-day quote.8.55%
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Financials
Sales 2021 17 068 M 12 772 M 12 772 M
Net income 2021 6 006 M 4 494 M 4 494 M
Net Debt 2021 - - -
P/E ratio 2021 15,1x
Yield 2021 4,48%
Capitalization 88 468 M 66 219 M 66 199 M
Capi. / Sales 2021 5,18x
Capi. / Sales 2022 5,07x
Nbr of Employees 31 696
Free-Float 99,5%
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Mean consensus OUTPERFORM
Number of Analysts 14
Average target price 27,23 AUD
Last Close Price 26,87 AUD
Spread / Highest target 13,5%
Spread / Average Target 1,34%
Spread / Lowest Target -8,82%
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Managers and Directors
NameTitle
Ross Maxwell McEwan Group CEO, Managing Director & Director
Gary A. Lennon Group Chief Financial Officer
Philip Wayne Chronican Chairman
Patrick C. Wright Chief Technology Officer
Leslie Durno Matheson Chief Operating Officer