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    LFS   AU0000143687

LATITUDE GROUP HOLDINGS LIMITED

(LFS)
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Delayed Australian Stock Exchange  -  05/27 02:11:00 am EDT
1.790 AUD   +0.56%
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Technology stocks pull Australian shares lower after hawkish Fed minutes

01/05/2022 | 07:13pm EDT

Jan 6 (Reuters) - Australian shares dropped on Thursday, as technology stocks tracked overnight losses on the Nasdaq index after minutes from the Federal Reserve's meeting signalled that the U.S. central bank may raise interest rates sooner than expected.

The S&P/ASX 200 index was down 0.8% at 7,504.8 by 2343 GMT, after settling 0.3% lower on Wednesday.

Technology stocks fell as much as 4.3% to hit their lowest since July last year, with buy now, pay later bellwether Afterpay sinking 11% to its lowest since Sept. 14, 2020.

Novonix Ltd and Altium Ltd dropped 3.3% and 4.4%, respectively.

Major indexes on Wall Street ended sharply lower after minutes from the Fed's meeting offered details on its shift last month toward a more hawkish monetary policy.

"With both the inflation and employment goals of the Fed pretty much met, we are very close to the point of rate hikes," analysts at ING Economics said in a note.

"We suspect March is too early for a rate hike, given the lack of visibility caused by Omicron, but May is clearly on the cards," they added.

The heavyweight financial sub-index fell 0.6%, driven lower by losses in the "Big Four" banks.

Gold explorers slid 1.7%, underpinned by weaker bullion prices. Newcrest Mining declined as much as 2.2% to post its biggest intraday loss since Dec. 15, 2021.

Separately, digital payments and lending firm Latitude Group Holdings offered to buy Humm Group's consumer unit, including its buy now, pay later business, for A$335 million ($241.8 million).

Miners advanced 0.4%, benefiting from strong iron ore prices. Rio Tinto rose as much as 2.8% to its highest since October last year.

Meanwhile, daily COVID-19 cases hit a record for a third day on Wednesday. Officials reported a record 64,774 new cases, exceeding Tuesday's tally of around 47,800.

In New Zealand, the benchmark S&P/NZX 50 index fell 0.8% to 13043.34. (Reporting by Harish Sridharan in Bengaluru; editing by Uttaresh.V)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AFTERPAY -2.18% 66.47 End-of-day quote.-19.93%
ALTIUM LIMITED 1.03% 28.44 Delayed Quote.-37.07%
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) 0.87% 0.716 Delayed Quote.-2.23%
BRITISH POUND / US DOLLAR (GBP/USD) 0.09% 1.26275 Delayed Quote.-6.75%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) 0.33% 0.7853 Delayed Quote.-1.03%
EURO / US DOLLAR (EUR/USD) -0.01% 1.07317 Delayed Quote.-5.61%
HUMM GROUP LIMITED 0.00% 0.73 Delayed Quote.-18.89%
INDIAN RUPEE / US DOLLAR (INR/USD) 0.05% 0.012892 Delayed Quote.-4.10%
LATITUDE GROUP HOLDINGS LIMITED 0.56% 1.79 Delayed Quote.-10.50%
NASDAQ COMP. 3.33% 12131.13 Real-time Quote.-22.46%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) 0.83% 0.6534 Delayed Quote.-5.22%
NEWCREST MINING LIMITED 0.41% 24.74 Delayed Quote.1.06%
NOVONIX LIMITED -0.27% 3.73 Delayed Quote.-59.41%
RIO TINTO PLC 1.47% 5714 Delayed Quote.16.56%
S&P 500 2.47% 4158.24 Real-time Quote.-12.76%
S&P/ASX 200 1.08% 7182.7 Real-time Quote.-3.52%
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Financials
Sales 2022 938 M 671 M 671 M
Net income 2022 183 M 131 M 131 M
Net Debt 2022 - - -
P/E ratio 2022 10,9x
Yield 2022 8,85%
Capitalization 1 859 M 1 330 M 1 330 M
Capi. / Sales 2022 1,98x
Capi. / Sales 2023 1,63x
Nbr of Employees 1 500
Free-Float -
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Mean consensus OUTPERFORM
Number of Analysts 2
Last Close Price 1,79 AUD
Average target price 2,33 AUD
Spread / Average Target 29,9%
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Managers and Directors
Ahmed Fahour Chief Executive Officer, MD & Executive Director
Paul Varro Chief Financial & Commercial Officer
Michael Tilley Independent Non-Executive Chairman
Andrew Walduck Chief Operating Officer
Mark Andrew Joiner Independent Non-Executive Director