Stocks of the Hour: EML Payments, NAB, Adairs

Company News

by Melissa Darmawan

EML payments (ASX:EML) are putting a tough year to an end. Earlier this year the Central Bank of Ireland flagged concerns about breaching anti-money laundering rules in their card services business affecting operations in Europe. The share price has tanked over 30 per cent this year, but today, the wheels have turned. The Irish regulator has given the green light to allow the company “to sign new customers and launch new programs”. Shares are trading 27.6 per cent higher at $3.51.

National Australia Bank (ASX:NAB) has their eyes set to be the nation’s second largest credit card provider after the major lender unveiled plans in August this year to acquire Citi’s local consumer business for $1.2 billion. The deal was subject to several regulatory approvals and today, investors found out that the ACCC won’t block the deal. Shares are trading 0.5 per cent lower at $28.32.

Adairs (ASX:ADH) has bed down their exposure in the furniture’s space after revealing plans to acquire Focus on Furniture for $80 million. The deal to be immediately profitable for the linen company expects to double its earnings on a per share basis. Focus on Furniture has 23 stores in the country and posted revenue of $150 million for the past financial year. Shares are trading 4.4 per cent higher at $3.57.

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