Australian shares experienced broad gains near midday, although trading in James Hardie Industries was halted after its shares plummeted 9 per cent. National Australia Bank (NAB), one of Australia’s largest business banks, reported only a tepid 1 per cent profit increase amid intensifying competition in business lending from Westpac and Commonwealth Bank. Andrew Irvine, NAB’s CEO, has promised momentum despite the lukewarm results.
In other market news, Light & Wonder saw its shares soar following a strong quarterly performance. Meanwhile, Seven West Media is facing a potential strike. Elsewhere, Consolidated Press Holdings (CPH), James Packer’s personal investment vehicle, revealed in new accounts that it paid Packer over $100 million in dividends during the past year, as its revenue neared $6 billion.
Across the Pacific, the fast-food sector in the United States is facing a confidence crisis, which analysts say could negatively impact Australian companies like Domino’s, Guzman y Gomez, and El Jannah. These Australian companies operate in similar markets and could face related valuation pressures as a result of the issues in the US market. Microsoft has also offered refunds to Australian users after increasing fees for Office plans by up to 45 per cent without adequate transparency.
