At lunch on Friday the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a high. The benchmark index is currently up 0.3% to 6,107.4 points.
Here's what has been happening:
NAB update impresses.
The National Australia Bank Ltd (ASX: NAB) share price is pushing higher following the release of its third quarter update. The banking giant posted unaudited cash earnings of $1.55 billion, which was down 7% on the prior corresponding period. Though, cash earnings before tax and credit impairment charges was up 5%. NAB ended the period with a CET1 ratio of 11.6%.
Mesoblast rockets on FDA update.
The Mesoblast limited (ASX: MSB) share price rocketed as much as 57% higher to a new record high this morning. This follows a very positive outcome from its meeting with the Oncologic Drugs Advisory Committee (ODAC) overnight. This meeting was to discuss its remestemcel-L product candidate as a treatment for paediatric steroid-resistance acute graft versus host disease (paediatric SR-aGvHD). Given the positive feedback, the likelihood of the U.S. FDA approving the drug on 30 September looks strong.
Newcrest guidance disappoints.
The Newcrest Mining Limited (ASX: NCM) share price has come under pressure after a solid full year profit result was overshadowed by weak guidance for FY 2021. The gold miner is guiding to gold production of 1.95 million ounces to 2.15 million ounces, which will be down from 2.2 million in FY 2020. This guidance also remains subject to there being no COVID-19 disruptions.
Best and worst ASX 200 shares.
The best performer on the ASX 200 by some distance has been the Mesoblast share price. It is up 38% at lunch after the ODAC voted in favour of its remestemcel-L product for paediatric SR-aGvHD. The worst performer with a 3.5% decline is the Whitehaven Coal Ltd (ASX: WHC) share price. It has come under pressure amid news that a group of shareholders are trying to shut down the business.
