viewProactive Investors Australia

S&P/ASX 200 weighed down by banking, energy and telco stocks

The National Australia Bank today cut its dividend to its lowest in almost nine years.

ASX boards
AMP Ltd shares dropped 2.6% to $2.25

S&P/ASX 200 (INDEXASX:XJO) erased most of yesterday’s gains with losses across the board, closing down 37 points or 0.6% to 6,338.

Banks, energy, telco and mining stocks were the biggest weights on the market.

Hard to sustain a 99 cent dividend

The National Australia Bank (ASX:NAB) today cut its dividend to its lowest in almost nine years after posting a 7.1% rise in first-half cash profit to $2.95 billion, sending its shares down 0.3% to $25.70

The lender’s interim dividend has been slashed by 16% to 83 cents as interim CEO Philip Chronican conceded it had become harder and harder to sustain a 99 cent dividend.

AMP Ltd (ASX:AMP) shares dropped 2.6% to $2.25 after the wealth manager announced it had experienced net cash outflows of $1.8 billion in the first quarter.

Kidman surges

Shares in lithium developer Kidman Resources (ASX:KDR) surged 45% to $1.87 after its board backed a takeover offer from Wesfarmers (ASX:WES) of $1.90 cash per share.

The bid represents a premium of 47.3% to Kidman’s closing price yesterday of $1.29.

Quick facts: Proactive Investors Australia

Price: - -

Market: ASX
Market Cap: -

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...



Jindalee Resources announces maiden lithium resource at McDermitt Lithium...

Jindalee Resources Limited (ASX:JRL) managing director Pip Darvall speaks to Proactive about the estimation of a maiden inferred mineral resource at its 100%-owned McDermitt Lithium Project in the US and what it means for the project. The resource is 155 million tonnes at 2,000ppm lithium for...

6 hours, 20 minutes ago

2 min read