NAB shares fell 5.7%, as Clydesdale Bank Price low

National Australia Bank (NAB) shares fell 5.7% after the lender priced shares of its Clydesdale Bank at 180p, which was at the low end of estimates.

 

The price values the UK bank at about £1.5bn ($2.2bn).

The lender had delayed the listing by 24 hours to update its prospectus after a request from a ratings agency.

Shares in Glasgow-based Clydesdale, which has been owned by NAB since 1987, will begin trading in London later on Wednesday.

Prime residential property remains weak on low demand

A volatile economy  and high political risk created a cloud of uncertainty which weakened demand in the real estate market for the first quarter of the year, according to Business Day investigations.

Consequently, it was all struggle for the operators in the market which showed greater sensitivity to macro-economic changes seen through the collapse in global crude oil prices, rising inflation rate, increase in monetary policy rate (MPR) from 12 percent to 13 percent and the depreciation of the naira after its devaluation by the Central Bank of Nigeria (CBN).

“The heightened political risk leading to the just concluded general elections meant that there were few transactions over the first quarter,” Reports MCO Real Estate (‘MCORE’), a focused real estate investment and advisory firm that prides itself for international perspective and local expertise.