Business Services Industry
Pressure on earnings sends NAB stock sliding.
Australasian Business Intelligence, October, 2003
Oct 10, 2003 (The Courier-Mail - ABIX via COMTEX)
Investor sentiment toward National Australia Bank (NAB) remained bullish on 10 October 2003, after the downgrade of its earnings forecast. The banking major has advised that growth in earnings per shares for 2002-03 is likely to be at the lower end of the 8-11 per cent range, as a result of increased costs for its UK pensions business and the rise in the value of the Australian dollar. NAB shares closed $A0.38 weaker on 10 October 2003, at $A31, after losing $A0.10 in the previous day's trading. Meanwhile, Tolhurst Noall believes that NAB shares could be influenced by news that financial regulators in Australia and the UK have approved AMP's demerger proposal. NAB has expressed interest in acquiring AMP after...
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