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Aus shares to start the week lower: IOOF to acquire NAB’s wealth business

31 Aug 2020 – The local market is expected to start the week lower as earnings season comes to a close. The reporting season has been the worst since the last recession in terms of earnings, the focus on earnings has also led to underperformance in the ASX which is lagging behind Wall Street, with the S&P500 and the Nasdaq both hitting record highs on Friday. All eyes will be on IOOF (ASX:IFL) today following media reports in the Australian that the company is set to launch a $1 billion raising to acquire NAB’s wealth business.

Source: Finance News Network

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