What pulled NAB (ASX:NAB) share price in red today?

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Highlights

  • Australian banking biggie National Australia Bank has closed the week’s trade in red.
  • While ASX200 Banking Index (XBK) remained in green, up by about 0.61%, NAB share price lost some shine.
  • Amongst the Big four banks, WBC and NAB ended the weeks trade lower.

Australia’s banking bigshot National Australia Bank Limited’s (ASX:NAB) share price, as of Friday (8 April 2022) market close, stood at AU$32.44 a share down about 0.92% on previous close. Though in the last five days of trade NAB’s share price has appreciated slightly, the last trade session ended in red. While the sectoral representative ASX200 Banking Index (XBK) gained about 0.61% today, NAB share price did not follow suit. 

What pulled NAB share price in red today?

  • While NAB share price was edging higher in the morning hours of trade, post noon the shares turned downwards.
  • The movement in share price, however, was not caused by any price sensitive announcements made by the bank today. In fact, the latest ASX release by NAB was regarding the dividend distribution on its Capital Notes 2, made yesterday in the after-market hours.
  • There was not even a sectoral pull-down on the share price as the ASX200 Banking Index also remained in the green as of date. Even the broader ASX200 Financials index (XFJ) has appreciated by 0.207% today.
  • The trading volumes also remained low throughout the trading session and the share price did not see any major push or pull effect.
  • The only upcoming event relating to NAB shares is its 2022 half-year result due for announcement on 5 May 2022.
  • Also, as per reports, today all the four banking biggies jointly led NBN’s AU$800 million green bonds transaction. ANZ and NAB acted as joint sustainability co-ordinators on the same.
  • Other than this, NAB’s name also came up in Woolies group treasurer Sarah Scopel’s exit after she admitted having mislead the NAB’s financial crimes team on her testimony at The Star casino inquiry.

How did NAB’s peers close the week’s trade?

While NAB share price appears in red at the week’s trade close, its peers, ANZ and CBA’s share price is in the green zone. Only WBC shares have followed suit closing about 0.04% lower today. The reason being the federal court’s fine against the bank for a case launched by ASIC in November.

Meanwhile in the last 5 days of trade on the ASX, share price of all the Australian big-four banks have gained. ANZ has remained the best performer amongst the four this week and its share price has appreciated by 22 cents per share in the last 5 days of trade.

Bottom line

The banking majors have painted a mixed picture as the week closes. As NAB remains one of the most tracked stocks from the financials and banking sectors on the ASX, how its shares begin the coming week trade will be worth a watch.

Also read- How Australia's big four banks are preparing ahead of anticipated rate hikes?


 


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