• LAST PRICE
    11.3800
  • TODAY'S CHANGE (%)
    Trending Down-0.0700 (-0.6114%)
  • Bid / Lots
    ---/ ---
  • Ask / Lots
    ---/ ---
  • Open / Previous Close
    11.3000 / 11.4500
  • Day Range
    Low 10.9900
    High 11.6800
  • 52 Week Range
    Low 8.1657
    High 11.8300
  • Volume
    47,169
    average

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  • Mar 24, 2024

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    • 7:11PM ET on Sunday Mar 24, 2024 by Dow Jones
      Companies Mentioned: NABZY

      2311 GMT - Asset quality and earnings at Australia's major banks are likely to face headwinds this year as the full impact of rate hikes are felt by borrowers, says Fitch Ratings in a note. But it reckons any weakness in asset quality should be manageable due to Fitch's expectation that unemployment in Australia and NZ will remain at or below the average of the last decade through 2025. Still, it sees major bank net interest margins staying under pressure due to rising funding costs and loan competition in a slow growth environment, while impairment charges are likely to increase and investment costs will remain high during 2024. "Some of these pressures should ease into 2025, although interest rate cuts may add to the pressure on net interest margins," says Fitch. (alice.uribe@wsj.com)
  • Mar 21, 2024

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    • 7:49PM ET on Thursday Mar 21, 2024 by Dow Jones
      Companies Mentioned: NABZY

      2349 GMT - There is limited scope for positive surprise or fundamental reasons for a structural re-rating for the Australian bank sector, say Macquarie analysts in a note. It remains underweight, viewing Aussie lenders as being "too expensive to own." The investment bank says fund managers mostly agreed with its views, with investors questioning who was buying banks at current levels. "The bank sector's outperformance since the middle of last year, without clear fundamental reasons, appears to be driven more by technical factors than fundamental ones," says Macquarie. Its analysis shows that banks' outperformance in 4Q 2023 was primarily due to domestic institutional investors buying. Even though data for the March quarter isn't out yet, Macquarie says it understands that foreign investors have been more active recently. (alice.uribe@wsj.com)
    • 7:02PM ET on Thursday Mar 21, 2024 by Dow Jones
      Companies Mentioned: NABZY

      2302 GMT - Australian banks look expensive compared with their global peers, which means that the recent domestic bank stock rally is likely overdone, Wilsons Advisory analysts say. They view valuation multiples as having risen significantly to the point that they are now stretched relative to historical norms. Current valuations are also disconnected from fundamentals, Wilsons says. As a result, it reduces its exposure to Australian banks, and cuts it stake in Westpac by 2%. "This takes us underweight the stock and even further underweight the sector." Wilsons reckons there is limited upside to lenders' forward earnings, even with the possibility of a soft landing and interest rate cuts in the next 12 to 18 months. (alice.uribe@wsj.com)
  • Mar 18, 2024

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    • 6:37PM ET on Monday Mar 18, 2024 by Dow Jones
      Companies Mentioned: NABZY

      2237 GMT - Deposits are likely to remain a modest margin headwind for Australia banks into 2H FY 2024, Morgan Stanley analysts say in a note. Even though deposit pricing remained favorable for banks in the three months following the RBA's November interest rate hike, the average impact of higher rates and the customers moving to higher cost deposit products will see an ongoing margin headwind. On wholesale funding, Morgan Stanley expects that to be a modest margin headwind during 2024, pointing to Commonwealth Bank which recently revealed that there was a -7 basis point half-on-half drag on margins from higher funding costs in its 1H FY 2024 result. (alice.uribe@wsj.com)
  • Mar 17, 2024

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    • 5:39PM ET on Sunday Mar 17, 2024 by Dow Jones
      Companies Mentioned: NABZY

      2139 GMT - Competition in the Australian banking sector is shifting to business lending in a bigger way, Citi analysts say in a note. There's already strong competition to provide loans to small businesses, it says. But several lenders want to intensify this, which risks squeezing returns. Citi keeps sell calls on Commonwealth Bank and NAB, which it believes could find it harder to maintain their volume success if competition intensifies. For Judo, a small to medium business specialist lender, Citi continues to think its growth aspirations are too ambitious as they are based on maintaining loan spreads. It retains a sell recommendation on Judo. (alice.uribe@wsj.com)

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