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Australia shares record worst week in more than a year as miners drag

01/21/2022 | 01:00am EDT

Jan 21 (Reuters) - Australian shares skidded on Friday to wrap up their worst week in more than a year, weighed down by miners as Whitehaven Coal slumped after cutting its 2022 forecast and Rio Tinto fell after Serbia revoked its lithium exploration licences.

The resources-heavy S&P/ASX200 closed 2.3% lower at 7,175.80, after hitting its lowest since Sept. 29 earlier in the session. It fell 3% this week, its biggest since late October 2020.

Miners plunged 3.8%, closing the week lower after eight straight weeks of gains. The drop came after the vast mining state of Western Australia cancelled plans to reopen its borders on Feb. 5, citing risks from the Omicron COVID-19 variant.

Steven Daghlian, a market analyst at CommSec, said profit-taking after recent gains in mining stocks also weighed.

Shares of Rio Tinto, BHP and Fortescue shed between 2.1% and 4.8%.

Serbia cancelled Rio Tinto's exploration licences on environmental grounds, while BHP investors in London and Sydney approved plans to scrap its dual listing on Thursday.

Energy stocks sank 3% in their worst session since Dec. 20, giving up all gains made this week as crude prices fell from seven-year highs.

Whitehaven Coal, Australia's largest independent coal miner, declined 6%.

Tech stocks slid 2.3%, tracking their U.S. peers lower after a rebound on Wall Street fizzled overnight with the Federal Reserve's policy tightening on the horizon.

Computershare and Altium retreated 2.3% and 3.3% respectively.

Daghlian said next week's Reserve Bank of Australia meeting would be crucial to assess the central bank's tone on inflation, while the Fed's impending rate hike had instilled "degree of pessimism in the markets overall."

New Zealand's S&P/NZX 50 index slid 1.2% to finish at 12,348.00. (Reporting by Upasana Singh; Editing by Subhranshu Sahu)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ALTIUM LIMITED -2.39% 28.18 Delayed Quote.-36.11%
BHP GROUP LIMITED -0.06% 47.8 Delayed Quote.15.25%
COMPUTERSHARE LIMITED -1.89% 23.91 Delayed Quote.21.85%
FORTESCUE METALS GROUP LIMITED 0.29% 20.77 Delayed Quote.7.81%
RIO TINTO PLC -0.38% 5541 Delayed Quote.13.70%
S&P 500 -1.18% 3927.05 Real-time Quote.-16.63%
S&P/ASX 200 -0.28% 7128.8 Real-time Quote.-3.97%
WHITEHAVEN COAL LIMITED 0.97% 5.2 Delayed Quote.97.32%
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Financials (USD)
Sales 2022 2 643 M - -
Net income 2022 232 M - -
Net Debt 2022 1 636 M - -
P/E ratio 2022 47,1x
Yield 2022 2,38%
Capitalization 10 261 M 10 261 M -
EV / Sales 2022 4,50x
EV / Sales 2023 3,86x
Nbr of Employees 12 009
Free-Float 88,2%
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Mean consensus OUTPERFORM
Number of Analysts 13
Last Close Price 17,00 $
Average target price 18,41 $
Spread / Average Target 8,31%
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Managers and Directors
Stuart James Irving President, CEO & Executive Director
Nicholas Stuart Robert Oldfield Director-Corporate Development
Simon David Jones Chairman
Mark L. McDougall Global Chief Information Officer
Carlos Leira Chief Information Officer-EMEA
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