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    ALK   AU000000ALK9

ALKANE RESOURCES LIMITED

(ALK)
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Australian shares snap 4-day winning streak as lockdowns, dour earnings weigh

08/16/2021 | 03:31am EDT

* Sydney records deadliest day of the COVID-19 pandemic

* Bendigo & Adelaide Bank falls 10%

* Energy stocks biggest drag, slide 3.4%

Aug 16 (Reuters) - Australian shares snapped a four-session winning run to close lower on Monday, dragged by increasing COVID-19 restrictions and an earnings-led selling in heavyweight blue-chip stocks.

After Friday's record-high finish, the S&P/ASX 200 index ended down 0.6% at 7,582.5 to mark its worst day since July 28.

The country's biggest city Sydney, which is in its eighth week of lockdown, recorded its deadliest day of the pandemic on Monday, while Melbourne extended its restrictions.

"So, the two main states are going to be in lockdown, with economists expecting Q3 to be a negative GDP. It looks like Q4 is going to be affected as well," Deep Data Analytics' CEO Mathan Somasundaram said.

Among heavyweights, Beach Energy, Bendigo and Adelaide Bank and LendLease Group were the biggest losers on the benchmark.

Oil and gas explorer Beach Energy slipped 10% to its worst level since March 2020 after reporting a 21% drop in its annual profit.

Bendigo and Adelaide Bank also shed 10% after Citi flagged a challenging revenue outlook, while construction and property firm LendLease slid about 8% on forecasting a restructuring charge in the first half of fiscal 2022.

The ASX 200 Energy index was the biggest drag on the benchmark index, closing 3.4% lower as oil prices fell.

Woodside Petroleum Ltd lost 5%.

The ASX 300 Metals and Mining index slipped 1.2%, tracking iron ore and copper prices that fell after data from top metals consumer China showed signs of slowing in its economy.

Alkane Resources Ltd fell 9.2%, while Perenti Global Ltd lost 7.7%.

Bucking the trend, a2 Milk finished 14.8% higher to be on top of the benchmark, buoyed by reports that suitors are circling the company.

New Zealand's benchmark S&P/NZX 50 index fell 0.3% to end at 12,720.15. (Reporting by Savyata Mishra in Bengaluru; editing by Uttaresh.V)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ALKANE RESOURCES LIMITED -4.30% 0.89 End-of-day quote.-6.81%
BEACH ENERGY LIMITED -3.83% 1.38 End-of-day quote.-23.55%
BENDIGO AND ADELAIDE BANK LIMITED -0.64% 9.35 End-of-day quote.0.32%
LENDLEASE GROUP -1.54% 10.84 End-of-day quote.-17.25%
PERENTI GLOBAL LIMITED -1.49% 0.99 End-of-day quote.-27.74%
WOODSIDE PETROLEUM LTD -2.84% 23.27 End-of-day quote.2.33%
All news about ALKANE RESOURCES LIMITED
10/22Alkane Resources Limited - Mineralised System Continues to Grow at Boda
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10/22ALKANE RESOURCES : Hits High-Grade Copper, Gold at Boda Prospect; Shares Fall 4%
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09/22Australia shares rise for third session on tech, energy boost
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09/20ALKANE RESOURCES LIMITED(ASX : ALK) dropped from S&P/ASX Small Ordinaries Index
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09/20ALKANE RESOURCES LIMITED(ASX : ALK) dropped from S&P/ASX 300 Index
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09/17ALKANE RESOURCES : Hits Gold from Regional Prospects Surrounding Tomingley Operations
MT
09/15Alkane Resources Limited Announces Near Mine Expl At Tomingley Delivers Significant Int..
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09/06Alkane Resources Limited Reports Ore Reserves and Mineral Resources for the Tomingley G..
CI
08/27Alkane Resources Limited Reports Earnings Results for the Full Year Ended June 30, 2021
CI
08/16Australia shares dip on weak corporate earnings, COVID-19 jitters
RE
More news
Financials
Sales 2022 134 M 100 M 100 M
Net income 2022 28,3 M 21,1 M 21,1 M
Net cash 2022 27,7 M 20,7 M 20,7 M
P/E ratio 2022 19,5x
Yield 2022 -
Capitalization 530 M 396 M 396 M
EV / Sales 2022 3,74x
EV / Sales 2023 4,00x
Nbr of Employees -
Free-Float 59,9%
Chart ALKANE RESOURCES LIMITED
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Alkane Resources Limited Technical Analysis Chart | MarketScreener
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Technical analysis trends ALKANE RESOURCES LIMITED
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TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 1
Last Close Price 0,89 AUD
Average target price 1,50 AUD
Spread / Average Target 68,5%
EPS Revisions
Managers and Directors
Nicholas Paul Earner Managing Director & Director
James Carter Chief Financial Officer & Co-Secretary
Ian Jeffrey Gandel Non-Executive Chairman
David Ian Chalmers Executive Director & Technical Director
Jason Hughes General Manager-Operations
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