It seems that the effects of the banking Royal Commission are wearing off, as shares of National Australia Bank Ltd [ASX:NAB] have been steadily climbing over the past month. The share price of NAB is trading at $28.40 at time of writing. That’s up 3.61% from $27.41 on 2 July.
This comes after a lacklustre 12 months for shareholders, when shares have been slowly decreasing in value.
Is NAB’s share price signalling an end to the royal commission’s impact?
No one can say what effects are yet to be felt from the royal commission on NAB’s share price down the track. It may still hold future revelations that could weigh on the bank’s share price.
Investors should also consider the recent media release, which stated that NAB’s MLC Trustee will switch off plan services fees and refund members.
This means that, MLC’s superannuation trustee, NULLIS, will stop debiting the Plan Service Fee from MLC MasterKey Personal Super (MKPS) member accounts, effective 30 September. Meanwhile MKPS members will be fully refunded for Plan.
Importantly, members will still be able to contact their adviser, or access a range of alternative sources of general advice from MLC online or over the phone, despite not being charged with the fee.
This decision also follows the appointment of new MLC CEO Geoff Lloyd.
What you can expect from NAB moving forward
Nab has already announced plans to reshape its wealth management portfolio. It will increase focus on core banking operations in Australia and New Zealand.
The company is set to exit the Advice, Platform & Superannuation and Asset Management businesses operating under MLC and other brands.
For further news, investors will have to wait for the 2018 third quarter trading update, set for the morning of 14 August.
For Money Morning
PS: You’ll find over 2,000 stock listed on the ASX. On any given day a bunch will rise, just like NAB. It’s near impossible to monitor all of these on your own. Our analyst Sam Volkering has picked out four Aussie stocks he believes could be top performers in 2018. Check out his free report ‘The Four Best ASX Stocks for 2018’.