NAB – Profit Hit

We expect National Australia Bank to run into selling pressure at $16.50. We favour the short side of this trade.

Today NAB announced first-half earnings will take a $1.14 billion after-tax hit – even before the impact of the coronavirus is accounted for.

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NAB said investors will have to wait until it reports its half-year numbers on May 7 to see the impact of the pandemic on its “earnings and balance sheet including provisions, combined with capital and dividend implications”.

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