ASX 200 rises; NAB’s cash earnings up over 8%

November 09, 2022 10:40 AM AEDT | By Ashish

ASX 200 rises; NAB’s cash earnings up over 8% — Image source: © Herrbullermann | Megapixl.com

Highlights

Australian shares opened higher on Wednesday.

The ASX 200 rose in opening trade, up 10.40 points, or 0.15%, to 6,969.30.

On Tuesday, the benchmark index closed 0.35% higher at 6,958.9 points.

Australian shares opened higher on Wednesday after Wall Street closed higher in the overnight trade amid voting in midterm elections that will determine control of the US Congress.

The ASX 200 rose in opening trade, up 10.40 points, or 0.15%, to 6,969.30. On Tuesday, the benchmark index closed 0.35% higher at 6,958.9 points.

While the All-Ordinaries index rose 0.293% to 7,150.1, the volatility index fell 3.587% to 15.833. After the 10 ten minutes of trade, the ASX 200 was trading at 6,984, up 25.10 points, or 0.36%.

On Wall Street, the Dow Jones rose 1.02%, the S&P 500 surged 0.56%, and the NASDAQ gained 0.49%. In Europe, the Stoxx 50 rose 0.8%, the FTSE gained 0.1%, the CAC surged 0.4%, and the DAX ended 1.2% higher.

MSCI's broadest index of Asia-Pacific shares outside Japan closed 0.64% higher, while Japan's Nikkei rose 1.25%.

Market action

After half-an-hour, the benchmark index ASX 200 was trading up 0.43%, or 30.20 points, at 6,989.10. The market was lifted by the Materials sector, while the Financials sector traded a little lower.

Data Source: ASX (as of 9 November 2022, 10.30 AM AEST)

Newsmakers

National Australia Bank reported an 8.3% rise in cash earnings to AU$7.1 billion on account of stronger business lending.
Whitehaven Coal slashed its production guidance at its Maules Creek and Gunnedah open cut mines.
REA Group's EBITDA for the September quarter rose 7% to AU$169 million.
Orica reported a 52% rise in full-year net profit after tax to AU$317 million.
News Corp posted a 15% fall in earnings for the September quarter.

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