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    NCM   AU000000NCM7

NEWCREST MINING LIMITED

(NCM)
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Australian shares end lower as firmer dollar, bond yields weigh

11/24/2021 | 12:51am EST

Nov 24 (Reuters) - Australian shares ended a see-saw trading session slightly lower on Wednesday, as strength in the U.S. dollar and firmer Treasury yields dragged gold miners and tech stocks, and outweighed a rally in the energy sector.

The benchmark S&P/ASX 200 index ended 0.15% lower at 7,399.4, after having added 0.8% on Tuesday.

"I think the main problem is what's happening to bond yields and what's happening to the U.S. dollar; both of them are climbing", said Mathan Somasundaram, CEO of Deep Data Analytics.

U.S. Treasury yields and the greenback reacted to Federal Reserve Chair Jerome Powell being nominated for a second term on Tuesday, reinforcing bets that U.S. interest rates would rise next year.

That weighed on bullion prices, which fell to a three-week low. Local gold stocks shed 1.1%, with Newcrest Mining and SSR Mining leading losses, slumping 1.2% and 0.9% respectively.

Tech stocks too bore the brunt of a selloff in their U.S. counterparts overnight.

Heavyweights Afterpay and Wisetech Global fell 0.2% and 2.4% respectively. Software maker TechnologyOne slid 8.6% in its worst day since May 2019, hurt by a rating downgrade from brokerage Jefferies.

Energy stocks remained strong despite uncertainty in oil prices as various countries agreed to release stockpiles of crude to cool prices. The index was up 1.2%.

Somasundaram is bullish on the sector, saying the release of strategic stockpiles do not address oil prices in the medium term in a market that looks forward.

New Zealand's benchmark S&P/NZX 50 rose 0.62% to 12,766.79 after its government said it would reopen the country to foreign travellers from April next year.

The gains came despite the central bank lifting interest rates for the second time in as many months amid rising inflationary pressures and easing coronavirus curbs. (Reporting by Harshita Swaminathan; editing by Uttaresh.V)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AFTERPAY LIMITED -0.71% 68.58 Delayed Quote.-16.84%
NEWCREST MINING LIMITED -0.61% 24.58 Delayed Quote.0.94%
TECHNOLOGY ONE LIMITED 1.08% 11.26 Delayed Quote.-13.04%
WISETECH GLOBAL LIMITED 2.67% 53.55 Delayed Quote.-11.01%
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Financials (USD)
Sales 2022 4 424 M - -
Net income 2022 914 M - -
Net Debt 2022 1 193 M - -
P/E ratio 2022 16,1x
Yield 2022 1,50%
Capitalization 14 527 M 14 567 M -
EV / Sales 2022 3,55x
EV / Sales 2023 3,20x
Nbr of Employees 5 304
Free-Float -
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Mean consensus OUTPERFORM
Number of Analysts 16
Last Close Price 17,80 $
Average target price 20,92 $
Spread / Average Target 17,5%
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Managers and Directors
Sandeep Biswas Chief Executive Officer, MD & Executive Director
Sherry Duhe Chief Financial Officer
Peter William Tomsett Independent Non-Executive Chairman
Suresh Vadnagra Chief Technical & Projects Officer
Phil Stephenson Chief Operating Officer-Australia & Americas
Sector and Competitors