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    NST   AU000000NST8

NORTHERN STAR RESOURCES LIMITED

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Delayed Australian Stock Exchange  -  02:11 2022-08-12 am EDT
8.260 AUD   -2.02%
08/11Banks, miners drag Australian shares lower
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08/05Australian shares gain for third straight week on miners, gold boost
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08/04Australian shares head for third straight weekly gain
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Australian shares post worst week since March 2020 on recession fears

06/17/2022 | 02:57am EDT

* Australian shares down for sixth straight session

* All major sectors except gold in negative territory

* GUD Holdings sinks after lowering annual forecast

June 17 (Reuters) - Australian shares posted their biggest weekly drop since March 2020 on Friday, as investors fretted that aggressive monetary policy tightening would drag the global economy into recession.

The S&P/ASX 200 index sank 1.8%, extending its fall to a sixth session and shedding 6.6% this week.

Central banks worldwide, except Japan, have raised interest rates to battle high inflationary pressures, which have fuelled concerns of an economic downturn.

"All these aggressive rate hikes are raising questions on how long it will take central banks to rein in inflation," said Steven Daghlian, a market analyst from CommSec.

"However, the composition of our own market is pretty different, so improvements in energy and commodities prices might actually help some sectors."

In Australia, miners led the losses for the day, declining about 2.8% amid weak iron ore prices in China. Index majors Rio Tinto Ltd and BHP Group Ltd dropped 4.8% and 4%, respectively.

Financials slipped nearly 2.2% to their lowest close in more than a year and posted their third straight weekly loss. The 'Big Four' banks fell between 1.8% and 3.6% on Friday.

Tech stocks fell nearly 2.4% to wrap up their worst week in more than a year. ASX-listed shares of Block Inc were among the top losers for the day, with a drop of about 6.6%.

Meanwhile, gold stocks gained about 4% on Friday despite weak bullion prices. Heavyweights Newcrest Mining and Northern Star Resources rose 3.5% and 5.2%, respectively.

Among individual stocks, GUD Holdings plummeted more than 19% and was the top loser on the bourse, after the automotive parts maker cut its annual forecast.

New Zealand's benchmark S&P/NZX 50 index fell 0.5% to 10,589.2, posting a weekly drop of about 5%. (Reporting by Archishma Iyer in Bengaluru; Editing by Subhranshu Sahu)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BHP GROUP LIMITED -0.82% 38.83 Delayed Quote.-6.43%
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%
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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Analyst Recommendations on NORTHERN STAR RESOURCES LIMITED
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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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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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