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Market Update

National Australia Bank Net Rises 7%, Maket Indexes Advance

Author: Marcus Jacob
Last Update: 9:06 AM ET August 18 2014

5:00 PM Sydney, Australia Australian market indexes closed higher and the Aussie dollar closed above 93 U.S. cents. Abacus Property in partnership with KKR acquired towers in World Trade Center in Melbourne. National Australian Bank quarterly net increased 7% to $1.6 billion on 1% decline in revenues.

Stocks in Australia closed higher after a week of volatile trading and resource prices stabilized in international markets.

Australian dollar closed at 93.26 U.S. cents and on the stock market turnover declined to 504 million shares worth $3.4 billion.

ASX 200 index gained 20.60 or 0.4% to 5,587.10 and the broader All Ordinaries increased 21 to 5,580.60.

Stocks in Review

Abacus Property Group gained 1.6% to $2.61 after the retail and industrial property developer and the U.S.-based investment firm KKR & Co are agreed to acquire 70% interest in Towers 2, 3 and 4 of the World Trade Centre, Melbourne in total consideration of $120.4 million.

Ansell Limited (ANN) jumped 4.3% to $19.81 after the health and safety protection solution provider stated sales in the year ending in June soared 16% to $1.59 billion from $1.37 billion a year ago period.

Net income in the year tumbled 70% to $41.8 million compared to $139.2 million and earnings per share declined 73% to 29.3 cents from $1.06 a year earlier.

National Australia Bank Limited slipped 1.3% to $34.22 after the financial service provider said net income in the third-quarter ending in June climbed 7% to $1.7 billion unchanged from a year ago while revenue in the quarter dropped at 1%.

NAB did not provide a year-ago comparison in its trading update with detailed full earnings statement.

The bank said charge for doubtful debts in the quarter declined 9% to $241 million and the bank will reserve for compensation related to U.K. insurance and hedging products at least 245 million.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc