Australia’s stock market recedes and banks become the main resistance, but miners help limit losses

The Australian stock market finished a slightly lower session despite foreign favors, and Wall Street was boosted by the passage of a $ 1 trillion ($ 1.35 trillion) infrastructure bill.

The benchmark S & P / ASX200 index closed at 7434.2, down 18 points (0.24%), while the All Ordinaries Index was down 11.6 points (0.15%) to 7756.3.

CommSec analyst Tim Piotrovsky said investors have stepped in carefully and saw it on the local stock exchange.

The main resistance was banks, but miners helped limit losses.

ANZ fell 1.55% to $ 27.91, Commonwealth Bank fell 1.2% to $ 108.81, Westpac fell 1.4% to $ 22.52, National Australia Bank reported full-year performance and held AGM, then 0.76% It fell to $ 28.89.

Ord Minnett said NAB’s cash profit of $ 6,558 million (up about 77% from 2020) was slightly below expectations, but capital was well above expectations, leaving no impression. ..

Citi described the result as “the highest quality of the reporting season,” and Macquarie Research called it “clean.”

Camera iconNAB’s annual dividend was $ 1.27 per share, up 67 cents from the previous year. John Gas / NCA NewsWire credit: News Corp Australia

“Weak market revenue was a major disappointment offset by low impairment costs,” said Macquarie Research.

“Excluding market revenue, the pre-provisioning results were slightly lower than expected due to a slight increase in costs.

“On the operational side, NAB is working well and, in our view, deserves a premium compared to ANZ and WBC.”

The NAB also revealed the results of its oil and gas financing review and said it would only consider financing the Greenfield Gas project in Australia, which “plays a role in supporting national energy security.”

The bank says it will not directly fund new customers on board or greenfield oil projects that focus primarily on oil mining.

Woodside fell 1.16 percent to $ 22.98, Santos fell 1.28 percent to $ 6.95, Beach Energy fell 1.87 percent to $ 1.31 and Origin fell 1.19 percent, despite rising oil prices overnight. And it became $ 4.99.

Among the major iron ore miners, BHP was up 0.96% to $ 36.73 and Fortescue was up 1.8% to $ 14.59, ahead of the 3:00 pm WST at the annual meeting, but Rio Tint was down 0.19% to 88.98. It was a dollar.

Chalice Mining is a fully owned Julimar project about 70km northeast of Perth, which surged 28.5% to $ 8.70 after reporting the virgin mineral resources of the Gonneville deposit. It claims to be the world’s largest discovery of nickel sulphate in over 20 years and the largest platinum group. The element is found in Australian history.

According to Chalice, the virgin resource estimate covers only 7% of the 26km long Julimer complex, which contains six “payable” metals.

Other major moves were Lynas Rare Earths, up 7.59% to $ 7.80, and lithium miner Pilbara Minerals, up 4.37% to $ 2.39.

Among gold producers, Ramellius Resources was up 4.9% to $ 1.71, St Barbara was up 2.98% to $ 1.55, Northern Star Resources was up 2.12% to $ 10.13, and Perseus Mining was down 1.79% to $ 1.65. was.

New Crest, Australia’s largest precious metal miner, has announced a deal to acquire Pretium Resources, which owns the Bruce Jack business in Canada.

The property is located in the Golden Triangle region of British Columbia, and New Crest holds a 70% stake in the Red Chris mine.

But the $ 2.8 billion price tag was “quite expensive,” and Piotrowski said the stock fell 1.58 percent to $ 24.96.

Stanmore Resources will pay up to $ 1.35 billion ($ 1.82 billion) on Monday to acquire an 80% stake in BHP at two Queensland coking coal mines. After a 14% surge, it fell 10.59% to $ 1.05.

"Surfing boom" shoot
Camera iconKathmandu says the demand for Rip Curl wetsuits continues to exceed the available supply.Tim hunter credit: News Corp Australia

Retailer Kathmandu provided updates on transactions indicating that the Australian blockade was hit hard, with the group’s same-store sales down 17.6%, including online for 13 weeks through October 31. ..

Rip Curl sales fell 9.4%, despite demand for wetsuits continuing to outpace available supplies.

Kathmandu does not provide guidance, but said trading was expected to improve in the second half of the year and that there was “sufficient” inventory to meet expected demand during the significant Black Friday and Christmas trading periods.

The stock rose 0.66 percent to $ 1.52.

Poultry producer Inghams Group returned 4.5% to $ 3.39 after Aware Super was no longer a substantial shareholder.

Biotechnology giant CSL reversed yesterday’s loss at $ 314.88, up 0.89%.

Tech stocks are doing well, with afterpay, the market leader after paying now, up 2.37 percent to $ 119.52, rival Zip up 1.79 percent to $ 6.24, and Tyro Payments up 5.03 percent to $ 3.34. ..

The Australian dollar earned US $ 74.15, 54.62 British pence and 63.88 euro cents in the afternoon trading.

Australia’s stock market recedes and banks become the main resistance, but miners help limit losses

Source link Australia’s stock market recedes and banks become the main resistance, but miners help limit losses

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