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National Australia Bank (ASX:NAB) says it plans to raise A$2 billion through a fully underwritten institutional share placement at a price of at least A$21.20 per share. The bank also says it raise up to A$750 million through a share purchase plan.
National Australia Bank (ASX:NAB) says it plans to raise A$2 billion through a fully underwritten institutional share placement at a price of at least A$21.20 per share. The bank also says it raise up to A$750 million through a share purchase plan.
Sydney, July 22, 2009 AEST (ABN Newswire) - Wall Street posted modest gains on Tuesday in choppy trade as investors started to be cautious after the recent rallies inspired by earnings results. In addition, US Federal Reserve Chairman Ben Bernanke said in testimony the pace of decline appears to have slowed significantly, but the financial system remained stressed and the labour market had continued to deteriorate.

Australian shares yesterday ended higher for the sixth consecutive day. The benchmark S&P/ASX200 was 0.4 points or 0.01 per cent higher at 4040.7, while the broader All Ordinaries gained 4.1 points, or 0.1 per cent, to 4048.3 points. Earnings reports of Australian companies will attract more attention in recent period and an optimistic mood is expected during the local reporting season.

Key Economic Facts and Figures

Australian new motor vehicle sales rose by 5.7 per cent in June, seasonally adjusted, the biggest monthly rise in four and a half years, according to the Australian Bureau of Statistics (ABS). Sales were up 5.4 per cent in May and advanced 2.5 per cent in April. The increase in car sales suggests that the domestic economy is on its way of recovery.

The Reserve Bank of Australia (RBA) released its July board meeting minutes, which showed that the recent improved domestic data had helped to convince the RBA to hold its official rates at 3 per cent for the third month. The Australian Bureau of Statistics (ABS) is due to publish its second quarter consumer price index data on Wednesday.

M&A News

Lihir Gold (ASX:LGL) has put its Ballarat gold mine in Victoria up for sale and has received expressions of interest from a number of parties. It did not disclose the possible purchase price or identity of potential buyers. The company is expected to book a big loss from the sale of its Ballarat goldmine assets.

Imdex Limited (ASX:IMD) and Coretrack Limited (ASX:CKK) announced a merger under which Imdex would acquire all the shares and options in Coretrack. After the merger, Imdex would be owned 82 per cent by current Imdex shareholders and 18 per cent by Coretrack shareholders and option holders.

Important Corporate News

National Australia Bank (ASX:NAB) says it plans to raise A$2 billion through a fully underwritten institutional share placement at a price of at least A$21.20 per share. The bank also says it raise up to A$750 million through a share purchase plan.

BHP Billiton (ASX:BHP) reported a 10 per cent fall in iron ore output in the June quarter on the previous year and said China's inventory build-up of commodities was almost complete, with restocking starting to occur in North American markets.

Harvey Norman (ASX:HVN) has reported a 2 percent rise in fourth-quarter sales, excluding the benefit of new store openings. The quarterly sales increase was the strongest performance in 12 months, it was still well below analyst forecasts for a lift of up to 9.3 per cent.

Investment firm Amcil Ltd (ASX:AMH) has posted a 66.5 per cent drop in annual net profit due to impairment charges related to share market volatility caused by the global financial crisis. Profit after tax for the year ended June 30 was A$4.6 million, down from A$13.9 million in the previous corresponding period.

Paper manufacturer PaperlinX (ASX:PPX) has downgraded its earnings guidance for 2008/09 due to the sale of properties in the Netherlands and company restructuring. The company now expects a result around 50 per cent lower than in the prior year. This is down from earlier guidance of 2008/09 earnings 30-35 per cent lower than in 2008.

Woolworths (ASX:WOW) said today full-year sales rose 7.5 per cent after solid results across its business. Total sales climbed to A$49.6 billion.

Contact

Michelle Liang
Asia Business News Asia Bureau
Tel: +61-2-9247-4344
Email: michelle.liang@abnnewswire.net


Related Companies

Woolworths Limited         
PaperlinX Limited       
National Australia Bank Limited         
Lihir Gold Limited         
Imdex Limited       
Harvey Norman Holdings Limited        
Coretrack Limited       
BHP Billiton Limited          
Amcil Limited      

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