Australia shares fall after NAB results offset miners, Middle East tensions drag

According to Business Recorder, Australian shares declined on Monday as a run of weaker earnings, including those of National Australia Bank and JB Hi-Fi, outweighed gains in miners and energy stocks. The S&P/ASX 200 index slipped 0.3% to 9,084.10 by 0053 GMT, following a 1.6% drop the previous week. Sentiment was also hurt as talks between the United States and Iran failed to produce an interim agreement.

National Australia Bank dropped as much as 4.8% after its third-quarter home loan applications fell 15% from the second quarter. That weighed on bank shares, which lost 1%, with only Commonwealth Bank of Australia holding flat among the Big Four lenders. Investors were also uneasy about the scrapping of property-investment tax concessions, which could affect lending and earnings.

Bucking the trend, miners gained as much as 1.5% after iron ore prices rose on Friday, while gold stocks climbed 2.4% as bullion was set for a weekly rise. Energy shares rose 1%, and JB Hi-Fi was on course for its weakest session since March 2020 after sales in Australia fell 0.5% during the opening month of fiscal 2027. In New Zealand, the S&P/NZX 50 index eased 0.1% to 13,837, while a2 Milk sank as much as 10.2% after a 44% drop in full-year profit.