ASX Dips as NAB Flags Housing Strain

ASX slides lower; NAB reports $1.9b quarterly profit

The Australian sharemarket has slid lower in early trade after the US stock market edged back from its all-time high following the latest report on the economy to come in surprisingly weak.

ASX Dips as NAB Flags Housing Strain

Australian equities experienced a downturn near noon AEST today, with the ASX falling at the open. Major firms saw significant slumps, including electronics and entertainment retailer JB Hi-Fi, which dropped a substantial 12 per cent following an earnings miss. National Australia Bank (NAB), one of the nation’s largest financial institutions, also saw its shares decline by 4.5 per cent. Other companies affected included A2 Milk, which declined o…