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    OSH   PG0008579883

OIL SEARCH LIMITED

(OSH)
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Australian shares scale new high above 7,400 level, Fed decision awaited

06/16/2021 | 02:42am EDT

June 16 (Reuters) - Australian shares breached the 7,400 level for the first time ever on Wednesday as heavyweight financials and energy stocks advanced, while investors awaited the U.S. Federal Reserve statement for clues on possible tapering of economic support.

The Fed is widely expected to acknowledge the first conversations among its policymakers about when and how fast to pare back the massive bond-buying programme launched in 2020 when it concludes the two-day policy meeting later in the day.

"The RBA (Reserve Bank of Australia) has practically hitched its wagon to the Fed policy over the last year... any Fed guideline on the tapering of bond purchases may signal the RBA to taper too," said Kyle Rodda, a market analyst at IG Markets.

The S&P/ASX 200 index closed 0.09% higher at 7,386.2 after scaling an all-time high of 7,406.2 earlier in the day.

Energy stocks were the top performers, jumping 1.5% as oil prices surged on improving demand outlook.

Oil & gas explorers Woodside Petroleum Ltd and Oil Search Ltd surged 2.3% and 1.5%, respectively.

Financials were also higher. The so called "big four" banks gained between 0.1% and 1%, with top lender Commonwealth Bank of Australia scaling a new high of A$104.79.

Meanwhile, mining stocks slipped, weighed down by weak prices across metals. Global miner BHP Group Ltd and top gold producer Newcrest Mining Ltd fell 1.7% and 1.3%, respectively.

Shares of lithium miner Firefinch jumped over 25% after the company signed a deal with China's Ganfeng Lithium to jointly develop the Goulamina project in Mali.

In New Zealand, the benchmark S&P/NZX 50 index fell 0.9% to 12,581.6, dragged down by losses in utility and healthcare stocks. (Reporting by Soumyajit Saha in Bengaluru; Editing by Subhranshu Sahu)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) -0.32% 0.736 Delayed Quote.-4.24%
BHP GROUP 2.79% 53.36 End-of-day quote.25.76%
BRITISH POUND / US DOLLAR (GBP/USD) 0.40% 1.388 Delayed Quote.0.60%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) -0.40% 0.79394 Delayed Quote.1.32%
COMMONWEALTH BANK OF AUSTRALIA 1.58% 100.71 End-of-day quote.22.65%
EURO / US DOLLAR (EUR/USD) 0.14% 1.182 Delayed Quote.-3.62%
FIREFINCH LIMITED -1.22% 0.405 End-of-day quote.125.00%
GANFENG LITHIUM CO., LTD. -9.84% 176.89 End-of-day quote.74.79%
IG GROUP HOLDINGS PLC -0.23% 878 Delayed Quote.2.09%
INDIAN RUPEE / US DOLLAR (INR/USD) -0.23% 0.013423 Delayed Quote.-1.87%
LONDON BRENT OIL -0.39% 74.41 Delayed Quote.44.68%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) -0.57% 0.69589 Delayed Quote.-2.74%
NEWCREST MINING LIMITED 0.47% 25.88 End-of-day quote.0.39%
OIL SEARCH LIMITED -0.51% 3.93 End-of-day quote.5.93%
WOODSIDE PETROLEUM LTD 1.86% 22.46 End-of-day quote.-1.23%
WTI -0.59% 71.638 Delayed Quote.50.10%
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Financials (USD)
Sales 2021 1 514 M - -
Net income 2021 315 M - -
Net Debt 2021 2 256 M - -
P/E ratio 2021 23,5x
Yield 2021 1,81%
Capitalization 8 535 M 6 304 M -
EV / Sales 2021 7,13x
EV / Sales 2022 6,22x
Nbr of Employees 1 243
Free-Float 99,6%
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Mean consensus OUTPERFORM
Number of Analysts 13
Last Close Price 3,93 $
Average target price 3,62 $
Spread / Average Target -7,88%
EPS Revisions
Managers and Directors
Peter J. Fredricson Chief Executive & Financial Officer
Richard John Lee Chairman
Beth White Executive VP-Sustainability & Technology
Kostas Goerge Constantinou Independent Non-Executive Director
Agu Jan Kantsler Independent Non-Executive Director
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