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MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  Rio Tinto Group    RIO   AU000000RIO1

RIO TINTO GROUP

(RIO)
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REFILE-Australian shares end flat as cenbank governor flags "bumpy" road to recovery

12/02/2020 | 12:55am EST

(Corrects to remove extraneous word in paragraph 3)

* Australia's economy expands 3.3% in Q3

* Trade dispute with China "very serious" matter - Treasurer

* Miners and gold stocks keep ASX afloat

Dec 2 (Reuters) - Australian shares ended little changed on Wednesday as optimism over a quarterly economic recovery was tempered by cautious comments from the central bank, while escalating trade tensions with China also dented investor sentiment.

The country's economy expanded by a bigger than expected 3.3% in the September quarter, following a coronavirus-induced contraction in June, though the central bank governor signalled monetary policy will stay accommodative for a while.

There is still a high degree of uncertainty about the outlook, said Reserve Bank Governor Philip Lowe, adding that the economic recovery is underway, but will be "uneven and bumpy".

Mining sub-index and gold stocks helped the S&P/ASX 200 index close 0.03% higher at 6,590.2 points, reversing course after trading in the red throughout the afternoon.

BHP Group and Rio Tinto climbed as much as 2.2% and 1.9%, respectively, as Dalian iron ore hit a record high.

"While the bounce is impressive, it still leaves the economy 4.2% smaller than it was prior to the pandemic and 3.9% smaller than a year ago... it will be some time before we can be confident that the economy is out of the woods," Felicity Emmett, senior economist at ANZ, wrote in a note.

However, the deteriorating trade relationship with China was a "very serious" matter, Australian Treasurer Josh Frydenberg said.

China has imposed dumping tariffs of up to 200% on Australian wine imports, and curtailed exports of lobsters, beef, timber, and coal from Down Under.

"We're seeing some of the initial phases of the start of a protracted trade war with China with Australia, which is very concerning," said Brad Smoling, managing director at Smoling Stockbroking.

New Zealand's benchmark S&P/NZX 50 index ended flat at 12,728.69 points as gains in utilities and industrial stocks were offset by losses in the healthcare and consumer sectors. (Reporting by A K Pranav in Bengaluru; Editing by Ramakrishnan M.)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ASX LIMITED -2.29% 70.84 End-of-day quote.-1.61%
BHP GROUP 1.65% 46.82 End-of-day quote.10.35%
RIO TINTO GROUP 0.72% 120.52 End-of-day quote.5.88%
S&P/ASX 200 0.00% 6715.4 Real-time Quote.1.95%
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Financials (USD)
Sales 2020 43 744 M - -
Net income 2020 10 281 M - -
Net Debt 2020 2 318 M - -
P/E ratio 2020 11,9x
Yield 2020 5,84%
Capitalization 135 B 135 B -
EV / Sales 2020 3,14x
EV / Sales 2021 2,89x
Nbr of Employees 46 000
Free-Float 65,2%
Chart RIO TINTO GROUP
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Technical analysis trends RIO TINTO GROUP
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 25
Average target price 78,01 $
Last Close Price 80,78 $
Spread / Highest target 56,9%
Spread / Average Target -3,44%
Spread / Lowest Target -44,2%
EPS Revisions
Managers and Directors
NameTitle
Jakob Stausholm Chief Executive Officer & Executive Director
Simon Robert Thompson Chairman
Peter Lloyd Cunningham Chief Financial Officer
Michael Gerard L'Estrange Independent Non-Executive Director
Megan Clark Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
RIO TINTO GROUP5.88%135 240
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RIO TINTO PLC8.70%135 240
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