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Australian shares inch higher on oil, tech boost; NZ dips

01/16/2022 | 07:41pm EDT

Jan 17 (Reuters) - Australian shares see-sawed between gains and losses on Monday, with a jump in energy stocks currently lifting the benchmark index, while heavyweight miners and gold companies fell ahead of a production-reporting week from top miners and energy firms.

The S&P/ASX 200 index was up about 0.12% at 7,402.6 points by 2334 GMT, after slipping 1% on Friday.

The energy sub-index led gains as oil prices remained robust on tight supply and worries of a Russian attack on neighbouring Ukraine.

The index rallied up to 1.4%, touching its highest levels since October. Sector majors Woodside Petroleum and Santos firmed about 1.2% each.

Offering support to the benchmark, tech stocks — tracking their Wall Street peers — were up 0.5%, with software firm WiseTech Global gaining up to 2.5%.

However, the mining sub-index weighed on markets, falling 0.2% on weak iron ore prices.

Fortescue Metals slid 1.4%, the most among Australia's big miners. Rio Tinto fell 0.8%, while BHP Group was largely flat.

Investors now await quarterly production numbers from miners like Rio Tinto, BHP Group and oil majors like Woodside Petroleum during the week.

Separately, BHP said on Monday it would buy battery electric trains to deliver iron ore from its mines to ports in Western Australia, joining Rio Tinto and Fortescue that made similar purchases last week.

Gold stocks fell 0.8%, pressured by lower gold prices. Evolution Mining was down about 1.5%, while the sector heavyweight Newcrest Mining dropped 0.4%.

Among other individual shares, Australian retail conglomerate Wesfarmers rose as much as 1.8% even after it warned of a lower first-half net profit after tax due to coronavirus-induced restrictions.

New Zealand's benchmark S&P/NZX 50 index fell marginally by 0.05% to 12,783.53 points, deepening its losses from Friday.

(Reporting by Savyata Mishra in Bengaluru; editing by Uttaresh.V)

© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BHP GROUP LIMITED 2.05% 47.18 Delayed Quote.13.69%
EVOLUTION MINING LIMITED 6.29% 3.72 Delayed Quote.-8.37%
FORTESCUE METALS GROUP LIMITED 3.87% 20.15 Delayed Quote.4.89%
GOLD 0.00% 1845.6 Delayed Quote.0.70%
LONDON BRENT OIL 0.94% 112.54 Delayed Quote.42.93%
NEWCREST MINING LIMITED 2.57% 25.57 Delayed Quote.4.45%
ON SEMICONDUCTOR CORPORATION 0.70% 56.46 Delayed Quote.-16.87%
RIO TINTO PLC 1.91% 5449 Delayed Quote.11.39%
S&P 500 0.01% 3901.36 Real-time Quote.-18.14%
S&P GSCI GOLD INDEX 0.03% 1076.15 Real-time Quote.1.05%
S&P/ASX 200 1.15% 7145.6 Real-time Quote.-4.02%
SANTOS LIMITED -1.58% 8.08 Delayed Quote.28.05%
SILVER 0.00% 21.73 Delayed Quote.-6.01%
WESFARMERS LIMITED 1.87% 46.75 Delayed Quote.-21.16%
WISETECH GLOBAL LIMITED 2.83% 42.17 Delayed Quote.-28.01%
WOODSIDE PETROLEUM LTD -3.75% 28.77 Delayed Quote.31.19%
WTI 1.22% 110.515 Delayed Quote.44.84%
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Analyst Recommendations on NEWCREST MINING LIMITED
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Financials (USD)
Sales 2022 4 280 M - -
Net income 2022 885 M - -
Net Debt 2022 1 696 M - -
P/E ratio 2022 17,6x
Yield 2022 1,31%
Capitalization 16 009 M 16 009 M -
EV / Sales 2022 4,14x
EV / Sales 2023 3,28x
Nbr of Employees 5 304
Free-Float 99,1%
Duration : Period :
Newcrest Mining Limited Technical Analysis Chart | NCM | AU000000NCM7 | MarketScreener
Technical analysis trends NEWCREST MINING LIMITED
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 17
Last Close Price 17,97 $
Average target price 21,27 $
Spread / Average Target 18,4%
EPS Revisions
Managers and Directors
Sandeep Biswas Chief Executive Officer, MD & Executive Director
Sherry Duhe Chief Financial Officer
Peter William Tomsett Independent Non-Executive Chairman
Suresh Vadnagra Chief Technical & Projects Officer
Phil Stephenson Chief Operating Officer-Australia & Americas
Sector and Competitors