Here’s what the banking giant has been up to this month.
The post Why is the NAB (ASX:NAB) share price having such a merry December? appeared first on The Motley Fool Australia. –
The 澳大利亚国家银行 (ASX: NAB) share price has surged this month. It has gained 6.8% despite no price-sensitive news having been released by the bank.
However, Australia’s second largest bank hasn’t been sitting on its hands. Let’s take a look at what it has been up to lately.
At the time of writing, NAB’s stock is trading at $29.18 apiece.
What might’ve boosted the NAB share price this month?
The major news moving the NAB share price this month came from the bank’s annual general meeting on 17 December.
It saw the bank’s chair, Philip Chronican announcing some notable environmental, social, and governance (ESG) changes.
These changes were made after NAB’s 2018 self-assessment into governance, accountability, and culture, following the Financial Services Royal Commission.
One of the changes will see 12,000 NAB bankers placed on fixed pay to reduce their need to ‘sell’ to customers.
That’s not the only time NAB’s employee’s wages have hit headlines this month.
The Finance Sector Union released a damning report in early December. It claimed 87% of Group 3 NAB employees surveyed by the union reported experiencing stress and anxiety stemming from excessive working hours.
And It’s not just alleged happenings at the bank’s workplaces that have put it in the spotlight recently.
All eyes were on the share price of NAB, and those of its S&P/ASX 200 Index (ASX: XJO) bank peers, after new requirements were put forward by the Australian Prudential Regulation Authority (APRA) earlier this month.
While news the entity could be tightening its strings on financial institutions might have initially worried some investors, the NAB share price ultimately bounced 0.8% following APRA’s release on 2 December.
Finally, the bank recently made news by being the latest ASX 200 bank to increase its fixed interest rates.
However, its stock’s future could be looking bright.
As The Motley Fool Australia recently reported, Bell Potter believes the NAB share price is in the buy zone. The broker has a price target of $32 on the bank’s shares.
The post Why is the NAB (ASX:NAB) share price having such a merry December? appeared first on The Motley Fool Australia.
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