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Markets

Australian Stock Market Report – Afternoon 3-13-13

AFTERNOON REPORT

(5pm AEDT)

The Australian share market eased for a second session today, as big falls from the big four banks dragged on the local bourse.

The All Ordinaries Index (XAO) ended the day's trade down 24.2pts or 0.5% to 5104.4pts.

The National Australia Bank (NAB) today announced changes aimed at saving $800M. It's expected these changes, to shrink the number of products it owns and cut branches will actually cost around $500M after depreciation, over 5 years and will not result in major job cuts. NAB shares fell 1.9% today, with the financial sector as a whole down 1.5%.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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