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    CWN   AU000000CWN6

CROWN RESORTS LIMITED

(CWN)
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Delayed Australian Stock Exchange  -  05/23 10:27:07 pm EDT
12.88 AUD   +0.16%
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Australia shares gain as strong commodities lift energy, mining stocks

01/13/2022 | 01:04am EDT

Jan 13 (Reuters) - Australian shares closed higher on Thursday, as energy and mining stocks found support from strong commodity prices, while troubled casino operator Crown Resorts soared 9% after U.S. private-equity firm Blackstone sweetened its takeover offer.

The S&P/ASX 200 index closed 0.5% higher at 7,474.4, extending gains to a second straight session.

Limiting the gains was caution among investors after latest U.S. inflation data showed surging price pressures could reinforce bets that the Federal Reserve will soon be raising interest rates.

Investors appeared to show scant response to reports that Australia saw its biggest pandemic case-load with a runaway Omicron outbreak driving up hospitalisation rates as the surge continues to put severe strain on supply chains.

Shares of Crown Resorts jumped to a seven-month high after the company said its board was likely to back an improved A$8.87 billion ($6.46 billion) buyout proposal by Blackstone Inc.

"I think we're getting down to the brass tacks now. We're getting down to a figure that you either take it or they'll walk away," said Brad Smoling, managing director at Smoling Stockbroking

In their fifth session of gains, miners were the top gainers with a nearly 3% climb to their highest levels since Aug. 16.

Nickel Mines and IGO rose 5.2% and 3.8%, respectively, as prices of the metal soared amid supply fears.

Energy stocks jumped as much 1.5% to their highest level in more than two months, tracking gains in oil prices.

Australia's biggest oil and gas firms Woodside Petroleum and Santos jumped 2.3% and 1.6%, respectively.

New Zealand's benchmark S&P/NZX 50 index edged 0.18% higher to 12,826.99 with corporate travel and expense service provider Serko up 4.8%.

($1 = 1.3725 Australian dollars)

(Reporting by Navya Mittal and Harshita Swaminathan in Bengaluru; Editing by Sherry Jacob-Phillips)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BLACKSTONE INC. 0.82% 108.45 Delayed Quote.-16.86%
CROWN RESORTS LIMITED 0.16% 12.88 Delayed Quote.7.36%
GOLD -0.21% 1850.13 Delayed Quote.0.93%
IGO LIMITED 2.83% 11.985 Delayed Quote.1.66%
LONDON BRENT OIL -0.23% 112.57 Delayed Quote.44.68%
NAVYA 4.28% 1.486 Real-time Quote.-27.86%
NICKEL MINES LIMITED 0.00% 1.295 Delayed Quote.-9.44%
ON SEMICONDUCTOR CORPORATION -1.01% 55.89 Delayed Quote.-17.71%
S&P GSCI GOLD INDEX 0.06% 1080.17 Real-time Quote.1.08%
S&P/ASX 200 0.02% 7150.2 Real-time Quote.-4.02%
SANTOS LIMITED 0.31% 8.2 Delayed Quote.28.05%
SERKO LIMITED 0.49% 4.07 End-of-day quote.-41.86%
SILVER -0.37% 21.6827 Delayed Quote.-6.42%
WOODSIDE ENERGY GROUP LTD 0.45% 29.03 Delayed Quote.31.19%
WTI -0.26% 109.512 Delayed Quote.44.84%
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Analyst Recommendations on CROWN RESORTS LIMITED
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Financials
Sales 2022 1 893 M 1 345 M 1 345 M
Net income 2022 -146 M -103 M -103 M
Net Debt 2022 542 M 385 M 385 M
P/E ratio 2022 -59,1x
Yield 2022 0,78%
Capitalization 8 708 M 6 190 M 6 190 M
EV / Sales 2022 4,89x
EV / Sales 2023 2,90x
Nbr of Employees 12 489
Free-Float 53,2%
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Mean consensus HOLD
Number of Analysts 8
Last Close Price 12,86 AUD
Average target price 12,98 AUD
Spread / Average Target 0,89%
EPS Revisions
Managers and Directors
Steven B. McCann Chief Executive Officer, Director & MD
Alan McGregor Chief Financial Officer & Secretary
Zygmunt Edward Switkowski Independent Non-Executive Chairman
Steven J. Blackburn Chief Compliance & Financial Crimes Officer
Sarah Jane Halton Independent Non-Executive Director
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