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    ASM   AU0000094153

AUSTRALIAN STRATEGIC MATERIALS LTD

(ASM)
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Australia shares edge up on financials, healthcare boost

11/18/2021 | 07:22pm EST

Nov 19 (Reuters) - Australia shares inched higher on Friday, with financials and the healthcare sector lifting the benchmark, while resource-related stocks weakened as commodities slid on broadening fears of rate hikes and inflationary risks.

The S&P/ASX 200 index was up 0.1% at 7,379.2 points, as of 1146 GMT. The benchmark, however, was headed towards a 0.8% weekly loss, its biggest since Oct. 29.

Investors await U.S. President Joe Biden's final decision on his nominee to head the Federal Reserve, which could decide the timeline on tightening policy. (https://reut.rs/3HCI9ci)

Banking stocks snapped a three-day losing streak to gain up to 0.7%, with the "Big Four" banks all trading in the black.

Shares of Commonwealth Bank of Australia rose 1.1% after falling about 9.5% in the last two sessions.

Healthcare stocks added 0.7% in their third straight day of gains, with biotech major CSL Ltd climbing 0.6%.

Gold stocks, however, were the biggest laggards on the benchmark, losing 1.8% as bullion prices were hurt by bets for an earlier-than-expected rate hike by the U.S. Federal Reserve. The prospect of early interest rate hikes would increase the opportunity cost of holding non-yielding gold.

Heavyweight miners declined 0.7% amid weaker iron ore prices, with Australian Strategic Materials down 4.3% to be the top loser in the sub-index.

Tech stocks fell 0.8%, snapping a five-day streak of gains, even as two of three major indexes on Wall Street closed at record highs.

WiseTech Global Ltd and BNPL major Afterpay Ltd were leading losses in the sub-index, down 2.8% and 1.4%, respectively.

Meanwhile, New Zealand's benchmark S&P/NZX 50 index was down 0.3% to 12,800.3 points.

A Reuters poll found that the country's central bank will raise rates for the second meeting in a row on Wednesday and continue with its tightening spree next year.

In other markets, the S&P 500 E-minis futures were up 0.1%. (Reporting by Yamini C S; Editing by Sherry Jacob-Phillips)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AFTERPAY LIMITED -2.18% 66.47 End-of-day quote.-19.93%
AUSTRALIAN STRATEGIC MATERIALS LTD 2.73% 8.28 Delayed Quote.-22.33%
COMMONWEALTH BANK OF AUSTRALIA 2.02% 95.67 Delayed Quote.-7.15%
CSL LIMITED 3.24% 257.51 Delayed Quote.-14.20%
S&P 500 -0.54% 4326.51 Delayed Quote.-8.73%
S&P/ASX 200 2.19% 6988.1 Real-time Quote.-8.14%
WISETECH GLOBAL LIMITED -0.28% 43.19 Delayed Quote.-26.27%
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Financials
Sales 2021 1,71 M 1,20 M 1,20 M
Net income 2021 -0,78 M -0,55 M -0,55 M
Net cash 2021 93,3 M 65,3 M 65,3 M
P/E ratio 2021 -780x
Yield 2021 -
Capitalization 1 124 M 792 M 787 M
EV / Sales 2020 -
EV / Sales 2021 582x
Nbr of Employees -
Free-Float 64,0%
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Managers and Directors
David Graham Woodall Managing Director & Director
Jason Clifton Chief Financial Officer
Ian Jeffrey Gandel Non-Executive Chairman
Peter Simko Chief Information Officer
Rowena Smith Chief Operating Officer