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It hasn’t been a great month so far for the NAB share price

What’s been going on with the NAB share price in July?
The post It hasn’t been a great month so far for the NAB share price appeared first on The Motley Fool Australia. –

The National Australia Bank Ltd (ASX: NAB) share price hasn’t been performing at its best so far this month.

In fact, NAB shares are currently trading 2.8% lower than their final closing price of June. After beginning the month at $26.22, NAB shares closed yesterday trading for $25.47 apiece. That is a fall of 0.7% on the day.

The flop follows news the big bank is in discussions to buy Citi’s Australian consumer business and reports it’s been tangled up in potential fraud.

Let’s take a closer look at what the market’s heard from NAB lately.

The month so far for NAB

A flat June’s trading for the bank continued into the beginning of July. The NAB share price gained just 0.14% between June 30 and July 13.

Then, after market close on July 13, the bank announced it was in discussions about acquiring Citi’s Australian consumer business.

At the time, Motley Fool Australia said Citi’s Australian consumer business will reportedly cost its new owner around $2 billion. The sale is also said to include around $11.5 billion worth of assets that would fit well with NAB’s current business model.

Citi’s Australian consumer business offers banking products including credit cards, loans, mortgages, foreign currency accounts, term deposits, and general banking accounts.

Following the news, the NAB share price gained a tiny 0.08% on July 14.

Then, on 16 July, reports swirled that NAB may be caught up in Forum Finance’s alleged fraudulent leases. NAB is thought to hold mortgages against founder Bill Papas’ property portfolio. Another report claimed NAB could be in hot water following breaches of Papua New Guinea’s anti-money laundering laws.

NAB shares fell 1.9% on the day the reports were published.

NAB share price snapshot

Despite its recent poor performance, the NAB share price is still well and truly in the green.

It has gained 11% since the beginning of 2021. It is also about 40% higher than it was this time last year.

The post It hasn’t been a great month so far for the NAB share price appeared first on The Motley Fool Australia.

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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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