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NORTHERN STAR RESOURCES LIMITED

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Delayed Australian Stock Exchange  -  02:11 2022-08-12 am EDT
8.260 AUD   -2.02%
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Australia shares extend losses on recession fears after aggressive rate hikes

06/16/2022 | 09:26pm EDT

June 17 (Reuters) - Australian shares extended losses on Friday, with the tech index leading the rout as it tracked a weak overnight Wall Street finish after the U.S. Federal Reserve's rate hike, which was initially cheered by investors, fanned fears of a recession.

The S&P/ASX 200 index fell as much as 2.3% and were headed for their biggest weekly drop in over two years in early trade. The benchmark fell 1.3% on Thursday.

Wall Street and global shares witnessed a broad based sell-off after a series of rate rises from global central banks rekindled fears that aggressive policy tightening could drag economies into recession.

Markets took a breather after welcoming the Fed's three-quarters of a percentage point rate hike - its biggest since 1994 - but the sentiment was short-lived after central banks in Switzerland and England also tightened policy rates further, again diverting investors' attention towards a potential economic slowdown as rates rise.

Tech stocks fell 4% and were set for their worst week in over a year. ASX-listed shares of Block Inc fell 7.2% to lead losses in the sub-index, followed by Novonix which shed 5.4%.

Among individual stocks, GUD Holdings, which was the top loser on the benchmark index, fell as much as 21.8% and was headed for its worst day in over 13 years after the automotive parts maker trimmed its annual forecast.

Miners fell 2.7%, to their lowest level in a month, on weaker iron ore prices. The big three miners Rio Tinto , BHP Group, Fortescue shed between 3.4% and 4.5%

Gold stocks, however, rose 2.4% and were the only gainers among the indices following an uptick in bullion prices. Heavyweights Newcrest Mining and Northern Star Resources climbed 1.9% and 2.7%, respectively.

New Zealand's benchmark index S&P/NZX 50 fell 2.4% and hit a more than two-year low. (Reporting by Tejaswi Marthi in Bengaluru; Editing by Shailesh Kuber)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BHP GROUP LIMITED -0.82% 38.83 Delayed Quote.-6.43%
FORTESCUE METALS GROUP LIMITED -0.73% 18.94 Delayed Quote.-1.41%
GUD HOLDINGS LIMITED 2.27% 9 Delayed Quote.-20.84%
NEWCREST MINING LIMITED -1.14% 19.11 Delayed Quote.-21.94%
NORTHERN STAR RESOURCES LIMITED -2.02% 8.26 Delayed Quote.-12.22%
NOVONIX LIMITED -8.56% 2.99 Delayed Quote.-67.46%
RIO TINTO PLC 0.58% 4844 Delayed Quote.-0.98%
S&P/ASX 200 -0.54% 7032.5 Real-time Quote.-5.54%
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Financials
Sales 2022 3 751 M 2 664 M 2 664 M
Net income 2022 410 M 292 M 292 M
Net cash 2022 161 M 114 M 114 M
P/E ratio 2022 25,6x
Yield 2022 2,69%
Capitalization 9 624 M 6 836 M 6 836 M
EV / Sales 2022 2,52x
EV / Sales 2023 2,29x
Nbr of Employees 3 383
Free-Float 97,9%
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Technical analysis trends NORTHERN STAR RESOURCES LIMITED
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Mean consensus BUY
Number of Analysts 15
Last Close Price 8,26 AUD
Average target price 10,96 AUD
Spread / Average Target 32,7%
EPS Revisions
Managers and Directors
Stuart Tonkin Chief Executive Officer, MD & Director
Ryan Gurner Chief Financial Officer
Michael Alfred Chaney Non-Executive Chairman
Simon A. Jessop Chief Operating Officer
John Daniel Fitzgerald Independent Non-Executive Director
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