ASX 200 (ASX:XJO) midday update: NAB result disappoints, PointsBet surges

Here’s what is happening on the ASX 200 on Tuesday…

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At lunch on Tuesday, the S&P/ASX 200 Index (ASX: XJO) is on course to record another small decline. The benchmark index is currently down 0.2% to 7,439.4 points.

Here’s what is happening on the ASX 200 today:

NAB full year results disappoint

The National Australia Bank Ltd (ASX: NAB) share price is trading lower today after its full year results fell a touch short of expectations. For the 12 months ended 30 September, NAB delivered a 76.8% increase in cash earnings to $6,558 million. This compares to Morgans’ estimate of $6,597 million. Also potentially weighing on its shares was management’s FY 2022 commentary. It warned that competitive pressures are expected to continue in FY 2022, impacting housing lending margins.

PointsBet shares jump

The PointsBet Holdings Ltd (ASX: PBH) share price is surging higher today after revealing that the New York State Gaming Commission (NYSGC) has recommended it for a licence to operate mobile sports wagering in New York when laws change. PointsBet was one of nine companies to be awarded a Platform Provider licence. Official approval procedures are still to follow, with the recommended operators to undertake independent system testing ahead of official launch. This is expected in early 2022.

Newcrest announces acquisition

The Newcrest Mining Ltd (ASX: NCM) share price is trading lower today despite announcing a major acquisition. This morning the gold mining giant announced that it has agreed to buy Canadian metals and mining company Pretium Resources for A$20.03 per share or 0.8084 Newcrest shares for each Pretium share held. On an undiluted basis, this values Pretium at around $2.8 billion. Newcrest expects the acquisition to boost production by >300Koz per annum to over 2Moz.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Tuesday has been the PointsBet share price with a gain of almost 8% following its New York update. The worst performer has been the CSR Limited (ASX: CSR) share price with a 4.5% decline. A good portion of this decline is due to the building products company’s shares going ex-dividend today.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and has recommended Pointsbet Holdings Ltd. The Motley Fool Australia has recommended Pointsbet Holdings Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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