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    CGF   AU000000CGF5

CHALLENGER LIMITED

(CGF)
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Australian shares fall as financials weigh; benchmark set for weekly drop

06/10/2021 | 09:44pm EDT

* Financial stocks lead losses, fall 1.1%

* Crown Resorts amongst top losers on the Australian benchmark index

* NZ gains for second week in row

June 11 (Reuters) - Australian shares edged lower on Friday and were on track to post their first weekly loss in four, as weakness in heavyweight financials outweighed gains in gold and tech stocks.

The S&P/ASX 200 index fell 0.3% to 7,280.6 by 0101 GMT. For the week so far, the benchmark index is down nearly 0.2%.

In other markets, Japan's Nikkei slipped 0.12% and S&P 500 E-minis futures fell 0.03%.

Financial stocks, down 1.03%, weighed on the benchmark the most. The sub-index was down about 2.2% for the week. Challenger Ltd led losses, down 2.36%, followed by wealth manager AMP Ltd, which lost 2.07%.

The "Big Four" banks declined between 1% and 1.6%.

The energy index fell 0.62% despite oil prices hovering at two-year highs. The biggest percentage loser was fuel retailer Ampol Ltd, which shed 1.15%.

Bucking the sombre mood, tech stocks rose 2.04% led by Appen, which was up 4.88%. Market darling Afterpay jumped as much as 4.9% to mark its highest levels in a month.

Investors shrugged off cues from Wall Street which rose after U.S. inflation data appeared to support the Federal Reserve's assertion that the current wave of heightened inflation will be temporary.

Back in Australia, gold stocks rallied 2.2%, leading gains on the benchmark as bullion prices nudged up after U.S. inflation data. Sector heavyweight Newcrest Mining climbed up to 1.6%.

Embattled casino operator Crown Resorts was among biggest losers on the benchmark, down as much as 3%, after the Victoria state extended a timeline and funding for an inquiry into its operations, increasing the time and level of regulatory scrutiny.

In New Zealand, the benchmark S&P/NZX 50 index rose 0.57% to 12,589.5. It was on track for its second straight weekly gain. (Reporting by Savyata Mishra in Bengaluru; editing by Uttaresh.V)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AFTERPAY LIMITED 1.72% 107.47 End-of-day quote.-8.92%
AMP LIMITED -0.81% 1.225 End-of-day quote.-21.47%
AMPOL LIMITED 1.40% 29.73 End-of-day quote.4.61%
APPEN LIMITED 1.57% 13.62 End-of-day quote.-44.84%
CHALLENGER LIMITED -1.77% 5.55 End-of-day quote.-13.82%
CROWN RESORTS LIMITED 0.08% 12.21 End-of-day quote.26.79%
LONDON BRENT OIL -0.51% 72.54 Delayed Quote.42.82%
NEWCREST MINING LIMITED -2.51% 26.75 End-of-day quote.3.76%
NIKKEI 225 -0.19% 28964.08 Real-time Quote.5.74%
S&P 500 -0.04% 4221.86 Delayed Quote.12.45%
WTI -0.38% 70.59 Delayed Quote.48.31%
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Financials
Sales 2021 658 M 496 M 496 M
Net income 2021 534 M 403 M 403 M
Net cash 2021 168 M 126 M 126 M
P/E ratio 2021 7,64x
Yield 2021 3,54%
Capitalization 3 733 M 2 823 M 2 814 M
EV / Sales 2021 5,42x
EV / Sales 2022 4,70x
Nbr of Employees 709
Free-Float 83,8%
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Mean consensus OUTPERFORM
Number of Analysts 14
Average target price 6,22 AUD
Last Close Price 5,55 AUD
Spread / Highest target 35,1%
Spread / Average Target 12,0%
Spread / Lowest Target -0,90%
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NameTitle
Richard Howes Chief Executive Officer, Executive Director & MD
Rachel Grimes Chief Financial Officer
Peter Leith Polson Independent Chairman
Chris Plater Chief Executive-Operations & Technology
JoAnne M. Stephenson Independent Non-Executive Director
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