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    WAF   AU000000WAF6

WEST AFRICAN RESOURCES LIMITED

(WAF)
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Australian shares rise as tech firms roar back

03/09/2021 | 07:35pm EDT

* Australian stocks set for third straight day of gains

* Gold stocks see best day in more than nine weeks

* NZ benchmark climbs almost 1%

March 10 (Reuters) - Australian shares rose on Wednesday as technology stocks gained the most in more than seven months after a rally in the tech-heavy Nasdaq overnight.

The S&P/ASX 200 index gained 0.3% to 6,790.2 by 2304 GMT. The benchmark had closed 0.5% higher on Tuesday.

A gauge of global stocks also gained as a fall in U.S. Treasury yields eased concerns that the economic recovery could overheat and lead to stronger-than-expected inflation. Lower yields also helped the Nasdaq surge more than 3%.

A sub-index of Australian technology-related shares soared 4.7% and were on track for their best day since July 2020. Buy-now-pay-later giant Afterpay jumped 8.4%, while Appen Ltd gained 5.9%.

The gold index rose as much as 2.8% as the dip in yields also supported bullion prices.

West African Resources rose 7.69%, followed by Gold Road Resources Ltd, which gained 6.6%.

Sentiment was also boosted by Australia's central bank chief rebuffing market talk of rate hikes, saying it will take at least until 2024 to reach full employment even as the economy was now within "striking distance" of its pre-pandemic output.

Energy stocks, meanwhile, shed 1.7% as oil prices eased. Beach Energy and Santos slid 2.8% and 2.7%, respectively.

In New Zealand, the benchmark S&P/NZX 50 index climbed as much as 0.9% at 12,257.5.

The country's central bank said it will remove some temporary liquidity facilities it had put in place during the COVID-19 pandemic, because of improving market conditions. (Reporting by Aditya Munjuluru; editing by Uttaresh.V)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AFTERPAY LIMITED -2.17% 125.6 End-of-day quote.6.44%
APPEN LIMITED -2.91% 9.35 End-of-day quote.-62.13%
BEACH ENERGY LIMITED -1.42% 1.045 End-of-day quote.-42.11%
GOLD ROAD RESOURCES LIMITED -4.14% 1.275 End-of-day quote.-3.77%
S&P/ASX 200 0.35% 7273.8 Real-time Quote.10.04%
SANTOS LIMITED -3.32% 6.12 End-of-day quote.-2.39%
WEST AFRICAN RESOURCES LIMITED -4.10% 0.935 End-of-day quote.-10.53%
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Financials
Sales 2021 602 M 438 M 438 M
Net income 2021 193 M 140 M 140 M
Net Debt 2021 6,01 M 4,37 M 4,37 M
P/E ratio 2021 4,31x
Yield 2021 -
Capitalization 826 M 600 M 601 M
EV / Sales 2021 1,38x
EV / Sales 2022 1,37x
Nbr of Employees 375
Free-Float 88,5%
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Technical analysis trends WEST AFRICAN RESOURCES LIMITED
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Mean consensus BUY
Number of Analysts 2
Last Close Price 0,94 AUD
Average target price 1,30 AUD
Spread / Average Target 39,0%
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Managers and Directors
Richard Hyde Executive Chairman & Chief Executive Officer
Padraig O'Donoghue Chief Financial Officer & Secretary
Lyndon George Hopkins Chief Operating Officer & Executive Director
Rodney Lloyd Leonard Lead Independent Director
Nigel Spicer Independent Non-Executive Director
Sector and Competitors