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MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  Greenland Minerals Limited    GGG   AU000000GGG4

GREENLAND MINERALS LIMITED

(GGG)
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Banks, miners help Australian shares notch 13-month closing high

04/08/2021 | 04:10am EDT

* ASX 200 posts longest winning streak since last December

* BHP, Rio rise more than 2% each on high iron ore prices

* Big Four banks rise more than 1% each

April 8 (Reuters) - Australian shares rose on Thursday to hit their highest close in more than 13 months, supported by big banks and miners, while Greenland Minerals plunged before going into a trading halt.

The S&P/ASX 200 index settled 1% higher at 6,998.80 after briefly rising above the 7,000 mark for the first time since the COVID-19 sell-off in early last year. It also marked its fifth straight sessions of gains - its longest winning streak since last December.

Expectations that ultra-loose global monetary policies will remain unchanged for some time were boosted by minutes of the U.S. Federal Reserve's March meeting showing officials were still wary of ongoing risks from the pandemic.

The Reserve Bank of Australia left rates unchanged at record lows on Tuesday, reaffirming continued monetary support to lower unemployment and boost inflation.

Leading gains on the benchmark index, mining giants BHP Group and Rio Tinto rose 2.6% and 2.2%, respectively, on high iron ore prices, while the country's "Big Four" banks climbed more than 1% each.

Greenland Minerals plunged 50% before trading was halted. The drop follows a parliamentary victory for a left-wing party in Greenland that has opposed the minerals explorer's large rare earth mining project.

Afterpay extended its longest run of gains this year, closing 1.3% higher on renewed appetite for growth stocks.

Morgan Stanley, traditionally bullish on Afterpay, lowered its price target by A$10, citing risks to merchants fees from the entry of Commonwealth Bank of Australia into the buy-now- pay-later market.

On Thursday, Australia's insurance regulator proposed to limit the exposure of life insurers to offshore reinsurers, given its lack of oversight of foreign players.

In New Zealand, the benchmark S&P/NZX 50 index climbed 1.2% to 12,632.6, marking its best finish since mid-March. Among gainers, dairy firm a2 Milk Co jumped 3.9%. (Reporting by Aditya Munjuluru and Nikhil Kurian Nainan in Bengaluru; Editing by Subhranshu Sahu)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AFTERPAY LIMITED -0.22% 121.2 End-of-day quote.2.71%
BHP GROUP -1.05% 46.18 End-of-day quote.8.84%
GREENLAND MINERALS LIMITED 13.64% 0.125 End-of-day quote.-52.83%
RIO TINTO PLC 0.99% 5703 Delayed Quote.3.20%
S&P/ASX 200 0.04% 6976.9 Real-time Quote.5.87%
THE A2 MILK COMPANY LIMITED -0.35% 8.57 End-of-day quote.-29.00%
All news about GREENLAND MINERALS LIMITED
04/09GREENLAND MINERALS  : Australia's Greenland Minerals says it is focused on rare ..
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04/08Banks, miners help Australian shares notch 13-month closing high
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04/07GREENLAND MINERALS  : Main opposition party against mining wins Greenland electi..
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04/07GREENLAND MINERALS  : Left-wing party wins Greenland election, opposes big minin..
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04/06GREENLAND MINERALS  : election shows divide over rare-earth metals mine
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04/06GREENLAND MINERALS  : Polls close in Greenland election closely watched by globa..
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04/05Greenland holds election closely watched by global mining industry
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03/04GREENLAND MINERALS  : Five Eyes alliance urged to forge ties with Greenland to s..
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03/02INSIGHT : Mining magnets: Arctic island finds green power can be a curse
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03/02FACTBOX : Miners gear up global rare earth projects as prices surge
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More news
Financials
Sales 2020 0,16 M 0,12 M 0,12 M
Net income 2020 -3,08 M -2,34 M -2,34 M
Net cash 2020 36,0 M 27,4 M 27,4 M
P/E ratio 2020 -102x
Yield 2020 -
Capitalization 168 M 128 M 128 M
EV / Sales 2019 2 293x
EV / Sales 2020 2 018x
Nbr of Employees 28
Free-Float 82,1%
Chart GREENLAND MINERALS LIMITED
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Managers and Directors
NameTitle
John Lefroy Mair Managing Director & Executive Director
Miles Simon Guy Chief Financial Officer & Secretary
Peng Ho Non-Executive Chairman
Simon Kenneth Cato Non-Executive Director
Xiaolei Guo Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
GREENLAND MINERALS LIMITED-52.83%128
BHP GROUP8.84%165 198
RIO TINTO PLC3.20%129 234
ANGLO AMERICAN PLC24.93%51 580
GRUPO MÉXICO, S.A.B. DE C.V.20.04%39 142
SAUDI ARABIAN MINING COMPANY (MA'ADEN)39.26%18 509