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    IAG   AU000000IAG3

INSURANCE AUSTRALIA GROUP LIMITED

(IAG)
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CBA pushes Australian shares to a record high; miners, banks jump

08/10/2021 | 09:12pm EDT

Aug 11 (Reuters) - Australian shares touched an all-time high on Wednesday, boosted by a solid earnings update from the country's largest lender and strong gains in banking and mining stocks.

The S&P/ASX 200 index rose 0.4% to 7,593 at 0042 GMT, after having closed at a record high on Tuesday. In other markets, Japan's Nikkei rose 0.61% to 28059.56, while S&P 500 E-minis futures were down 0.03%.

Australia's largest lender Commonwealth Bank of Australia (CBA) doubled its dividend to A$2 and announced a share buyback of A$6 billion ($4.41 billion) while reporting a 20% jump in full-year profit to A$8.65 billion.

Shares of CBA gained as much as 2.3% to hit a record high, while Australia and New Zealand Banking Group added 1.1%. The gains helped the financial sub-index rise 0.8%.

Iress Ltd was the top gainer on the benchmark index, climbing as much as 5.6%, after it received a revised buyout offer from Sweden-based private-equity firm EQT to buy the software provider for an enterprise value of A$3.2 billion.

Insurance Australia Group rose 1.7% after committing to pay a dividend of 13 Australian cents per share, despite posting a loss of A$427 million for the previous financial year.

Local miners rose 1.23%, even as iron ore prices slumped on concerns about weakening Chinese demand.

Iron ore miners Mount Gibson Iron Ltd and coal miner Coronado Global Resources Inc led the gains on the sub-index, gaining 4.55% and 4.15%, respectively.

Across the Tasman Sea, New Zealand's benchmark S&P/NZX 50 index rose 0.07% to 12,772.9. ($1 = 1.3611 Australian dollars) (Reporting by Riya Sharma in Bengaluru; editing by Uttaresh.V)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED -0.11% 28.21 End-of-day quote.24.27%
COMMONWEALTH BANK OF AUSTRALIA -0.07% 104.88 End-of-day quote.27.73%
CORONADO GLOBAL RESOURCES INC. -5.07% 1.405 End-of-day quote.23.79%
INSURANCE AUSTRALIA GROUP LIMITED 1.39% 5.11 End-of-day quote.8.72%
IRESS LIMITED -1.73% 11.93 End-of-day quote.12.44%
MOUNT GIBSON IRON LIMITED 0.00% 0.445 End-of-day quote.-51.63%
NIKKEI 225 0.34% 28804.85 Real-time Quote.4.61%
S&P/ASX 200 0.00% 7415.5 Real-time Quote.12.57%
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Financials
Sales 2022 7 875 M 5 878 M 5 878 M
Net income 2022 769 M 574 M 574 M
Net Debt 2022 1 644 M 1 227 M 1 227 M
P/E ratio 2022 17,1x
Yield 2022 4,33%
Capitalization 12 528 M 9 361 M 9 351 M
EV / Sales 2022 1,80x
EV / Sales 2023 1,00x
Nbr of Employees 13 650
Free-Float 99,8%
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Mean consensus OUTPERFORM
Number of Analysts 12
Last Close Price 5,11 AUD
Average target price 5,60 AUD
Spread / Average Target 9,51%
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Managers and Directors
Nicholas Barrie Hawkins Chief Executive Officer, Director & MD
Michelle McPherson Chief Financial Officer
Elizabeth Blomfield Bryan Chairman
Neil Morgan Chief Operating Officer
Thomas William Pockett Independent Non-Executive Director
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