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    LNK   AU000000LNK2

LINK ADMINISTRATION HOLDINGS LIMITED

(LNK)
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Australia shares slip as Fed signals rate hikes at faster pace

06/16/2021 | 09:13pm EDT

June 17 (Reuters) - Australian shares fell on Thursday, as gold stocks and miners slumped on weaker commodity prices, with the mood largely negative as U.S. equities dipped overnight after Federal Reserve officials projected hikes in interest rates by 2023.

The benchmark ASX 200 index was down 0.5% at 7,351.50 points, as of 0028 GMT.

Wall Street's main indexes closed overnight session lower as the U.S. central bank indicated that it could begin raising interest rates a year earlier than expected, which caused a sell-off of U.S. Treasuries and boosted the dollar.

In other markets, Japan's Nikkei also declined 1% at 28,990.9, while the S&P 500 E-minis futures were down 0.6%.

Among sectors, the gold index fell the most, slipping 2.7% to hit its lowest level in nearly six weeks, as prices slid over projections of the Fed's rate hikes.

Miners declined 2.3% as iron ore futures fell on increasing supply, with index majors Rio Tinto and BHP Group dropping 0.7% each.

The Australian energy index also retreated, despite oil prices hitting multi-year highs.

The sub-index shed about 2%, with Whitehaven Coal being top loser after the coal producer cut its 2021 coal output forecast due to downtime at Narrabri mine in New South Wales.

Bucking the trend, financials rose 0.6%, with all of the "Big Four" banks trading in positive territory.

On the data front, Australia's minimum wage is expected to rise at a faster pace than this year, reflecting its strong economic recovery from the pandemic-induced recession.

New Zealand's benchmark NZX 50 index dipped 0.2% to 12,550.9 points on prospects of tighter monetary policy conditions as the country posted a faster-than-expected first-quarter economic growth data. (Reporting by Yamini C S in Bengaluru, Editing by Sherry Jacob-Phillips)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BHP GROUP 2.79% 53.36 End-of-day quote.25.76%
LINK ADMINISTRATION HOLDINGS LIMITED 0.42% 4.81 End-of-day quote.-13.33%
ORORA LIMITED 3.26% 3.48 End-of-day quote.28.89%
RIO TINTO PLC -0.85% 6058 Delayed Quote.11.70%
WHITEHAVEN COAL LIMITED -1.78% 2.21 End-of-day quote.34.35%
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Financials
Sales 2021 1 192 M 877 M 877 M
Net income 2021 37,8 M 27,8 M 27,8 M
Net Debt 2021 878 M 646 M 646 M
P/E ratio 2021 78,7x
Yield 2021 2,18%
Capitalization 2 579 M 1 904 M 1 898 M
EV / Sales 2021 2,90x
EV / Sales 2022 2,75x
Nbr of Employees 7 000
Free-Float 96,3%
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Number of Analysts 8
Last Close Price 4,81 AUD
Average target price 5,80 AUD
Spread / Average Target 20,7%
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Managers and Directors
Vivek Bhatia Chief Executive Officer, MD & Director
Andrew MacLachlan Chief Financial Officer
Michael Carapiet Independent Chairman
Paul Martin Gardiner Chief Technology & Operations Officer
Glen F. Boreham Independent Non-Executive Director
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