The S&P/ASX 200 (ASX: XJO) fell another 20 points or 0.2% on Tuesday, with selling pressure among the ASX banking sector the biggest detractor.
Only materials, healthcare and tech companies were higher as we near the end of another reporting season.
NAB doubles dividend
The ASX financials sector was down by more than 1% after the National Australia Bank Ltd (ASX: NAB) delivered its annual earnings result, falling 0.8% in the process.
The company delivered a 77% increase in cash profit to $6.56 billion for the 12 months despite another 6 basis point fall in its net interest margin.
On the positive side, management appears to be keeping costs under control, with expenses down 13%, significantly better than Westpac Banking Corp (ASX: WBC). NAB also announced it will cease oil and gas lending from 2026.
The strong result saw a doubling of the dividend to 67 cents per share, but no buyback like both Westpac and Commonwealth Bank of Australia (ASX: CBA) have delivered.
Chalice share price soars
Shares in medium-sized miner Chalice Holdings Ltd (ASX: CHN) topped the ASX 200, soaring by 29% after announcing a ‘monster’ resource at its Nickel, Copper and Platinum project.
Building boom continues
Shares in James Hardie Industries (ASX: JHX) were slightly lower after the company reported a fourth consecutive quarter of double-digit sales growth across all of its operational regions.
The result was a near doubling of profit to US$271 million in the first half of the year, as US and European sales of fibre cement grew 23% alone.
Importantly, margins continue to expand with recent input price increases passed onto customers, allowing the company to continue to invest and innovate.
Newcrest invests
Shares in Newcrest Mining Ltd (ASX: NCM) fell 1.6% despite management announcing a major acquisition, paying $3.8 billion for Canada-based Pretivm.
The company owns the Brucejack operation in the ‘Golden Triangle’ in British Columbia.
Scentre sees return to normal
Shopping centre owner Scentre Group (ASX: SCG) fell 1.3% after releasing an operational update.
The group is guiding to a stronger than expected distribution in FY22, with management confirming rent collections for the year to date are $187 million above the same period in 2020.
The group is seeing customers quickly return to shopping centres with occupancy at 98.5% despite the lockdowns.
Crypto ETF takes off
The BetaShares Crypto Innovators ETF (ASX: CRYP) is expected to have reached a record $100 million in assets under management after the market closes, attracting significant assets in just a few days.
ASX 200 today
Looking ahead, the ASX 200 is set to climb when the market opens this morning. This comes despite all three US benchmarks closing lower overnight.
