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MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  West African Resources Limited    WAF   AU000000WAF6

WEST AFRICAN RESOURCES LIMITED

(WAF)
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Financials, tech stocks drive Australian market higher

10/13/2020 | 01:55am EST

* Communication services sector boosted by Telstra

* Miners fall on reports China halted coal imports

* New Zealand rises to record close, up 0.8%

Oct 13 (Reuters) - Australian shares settled higher on Tuesday for the seventh straight session, as financials jumped on some economic optimism and dividend hopes, and technology stocks tracked Wall Street higher.

The S&P/ASX 200 index rose 1% to 6,195.70, adding about 7% during the seven sessions of gains through Tuesday.

Financials closed 1.7% higher, after having hit their highest level since Aug. 12 earlier in the session, with the "Big Four" banks adding between 1.7% and 3.3%.

"There are some signs that there is a bit of optimism for the economy moving forward, and that's helping banks have a pretty good run," said James Tao, a market analyst at CommSec.

Last week, the Australian government pledged billions in tax cuts and measures to boost jobs, which was quite accommodative for the economy.

Additionally, eased lending standards for banks have also brightened growth prospects for the economy, which slid into recession for the first time in nearly 30 years due to the COVID-19 pandemic.

"Banks are still tempting for punters who believe dividends will come back," said Brad Smoling, managing director at Smoling Stockbroking.

Technology stocks tracked a rally in their U.S. peers, particularly in Apple Inc and Amazon.com , and rose 1.6% to a record.

The communication services sector closed 2.4% higher, boosted by Telstra Corp's more than 4% gain after the telecom company retained its annual dividend.

Limiting gains, the mining sector slipped 0.3%, mostly dragged by coal companies following reports that China has stopped taking Australian coal shipments.

West African Resources Ltd was the top loser with a drop of 10.74%, while Ioneer Ltd shed 4.88%.

In New Zealand, the benchmark S&P/NZX 50 index gained 0.79% to a record close of 12,453.9.

New Zealand-listed shares of Australia and New Zealand Banking Group Ltd were the top gainers, up 3.63%. (Reporting by Nikhil Subba in Bengaluru; Editing by Subhranshu Sahu)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
AMAZON.COM, INC. -2.81% 3232.58 Delayed Quote.2.12%
APPLE INC. -0.77% 142.06 Delayed Quote.7.71%
IONEER LIMITED 0.00% 0.345 End-of-day quote.23.21%
S&P/ASX 200 -2.69% 6599.4 Real-time Quote.3.61%
TELSTRA CORPORATION LIMITED 0.31% 3.21 End-of-day quote.7.72%
WEST AFRICAN RESOURCES LIMITED 0.00% 0.975 End-of-day quote.-6.70%
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Financials
Sales 2020 359 M 275 M 275 M
Net income 2020 127 M 97,4 M 97,4 M
Net Debt 2020 154 M 118 M 118 M
P/E ratio 2020 6,48x
Yield 2020 -
Capitalization 827 M 636 M 634 M
EV / Sales 2020 2,74x
EV / Sales 2021 1,11x
Nbr of Employees 375
Free-Float 87,1%
Chart WEST AFRICAN RESOURCES LIMITED
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West African Resources Limited Technical Analysis Chart | WAF | AU000000WAF6 | MarketScreener
Technical analysis trends WEST AFRICAN RESOURCES LIMITED
Short TermMid-TermLong Term
TrendsBearishNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 3
Average target price 1,25 AUD
Last Close Price 0,94 AUD
Spread / Highest target 54,3%
Spread / Average Target 33,0%
Spread / Lowest Target 17,0%
EPS Revisions
Managers and Directors
NameTitle
Richard Hyde Executive Chairman & Chief Executive Officer
Lyndon George Hopkins Chief Operating Officer & Executive Director
Padraig O'Donoghue Chief Financial Officer & Secretary
Rodney Lloyd Leonard Independent Non-Executive Director
Nigel Spicer Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
WEST AFRICAN RESOURCES LIMITED-6.70%664
NEWMONT CORPORATION2.65%49 580
BARRICK GOLD CORPORATION2.90%41 296
POLYUS-0.82%27 106
WHEATON PRECIOUS METALS CORP.-5.12%17 841
AGNICO EAGLE MINES LIMITED0.60%17 206