Stock prices have been stagnant on the share market, with NAB’s poor half-year results being the main talking point.
NAB surprised the market before trade by announcing half-year net profit was down 51.3 per cent to $1.31 billion and cash earnings fell by 51.4 per cent.
It’s planning a $3.5 billion capital raising and its shares have been suspended from trading.
NAB’s share price was $15.76 when the market closed on Friday.
The bank has also slashed its interim dividend to shareholders to 30 cents.
Its rivals’ losses worsened as morning trade continued.
ANZ lost 60 cents, or 3.75 per cent, to $15.42, while Commonwealth Bank slipped by $1.10, or 1.87 per cent, to $57.78 and Westpac had a loss of 77.5 cents, or 5.06 per cent, to $14.55.
The big miners were also down.
Rio fell 17 cents, or 0.19 per cent, to $87.10 and BHP was down 15 cents, or 0.49 per cent, to $30.39, while Fortescue lost 9.0 cents, or 0.79 per cent, to $11.36.
The industrial and information technology sectors – both up by more than a 2.0 per cent average – helped keep the indices higher.
Afterpay, which had its price hammered at the start of the coronavirus pandemic, rose 51 cents, or 1.89 per cent, to $27.52.
The S&P/ASX200 benchmark index was higher by 22.7 points, or 0.43 per cent, at 5265.3 at 1200 AEST on Monday.
The All Ordinaries index was 33.5 points higher, or 0.63 per cent, at 5,334.2.
The indices have inched higher despite the financial sector and the big three miners suffering losses.
There had been a positive lead at the end of last week from US stocks.
Some US states and European countries are preparing to ease COVID19 restrictions, prompting investors to be more optimistic.
Healthcare stocks on the Aussie market were also higher.
Ramsay Health Care enjoyed an increase of $2.70 in its price, or 4.36 per cent, to $64.64.
The private hospital operator shared more details of its $1.4 billion capital raising, announced last week.
CSL was higher by $4.15, or 1.32 per cent, to $317.90.
The Australian dollar continued to climb in morning trade to 64.33 US cents at 1200 AEST, up from 63.56 US cents at Friday’s close.
The price of gold was $1722 an ounce.