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WOOLWORTHS GROUP LIMITED

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Delayed Australian Stock Exchange  -  02:10 2022-07-05 am EDT
35.90 AUD   -0.08%
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Tech stocks help Australian shares post first weekly gain in five

05/20/2022 | 03:10am EDT

* Tech stocks mark 1st weekly gain in seven

* Gold stocks snap four weeks of losses

* NZX 50 posts first weekly rise in four

May 20 (Reuters) - Australian shares jumped on Friday to post their first weekly rise in five as investors snapped up beaten-down tech stocks, although concerns ahead of federal elections limited the gains.

The S&P/ASX 200 index bounced back from Thursday's losses to close 1.2% higher at 7,064.5, rising 1% for the week.

Australians vote on Saturday in a national election, with the conservative Liberal-National coalition seeking a fourth straight term and the Labor Party seeking a return to power after nine years in opposition.

Opinion polls have shown the Labor party leading, but the gap has narrowed in the final weeks of campaigning.

After the country's unemployment rate fell to its lowest in almost 50 years last month, wages growth and staff shortages remain key discussion points for competing parties in this election.

In the 11 elections held since 1990, the All Ordinaries Index climbed by an average of 1.2% in the 15 trading days after the poll date, research by CommSec found.

"I suspect investors may prefer a (current Prime Minister) Scott Morrison win from a back pocket point of view," said Henry Jennings, a senior analyst at Marcustoday Financial Newsletter.

Leading gains on the bourse, tech stocks rallied 4.6%, hitting their highest since May 9 and clocking their first weekly gain in seven. ASX-listed shares of Block jumped 9.5%, while software company Xero rose 2.8%.

Miners surged 2.6% to mark their best week since late March, while gold stocks climbed 3.7% to post a weekly gain after four weeks of losses.

Among individual stocks, miner IGO surged 5% after it said it had produced the country's first battery-grade lithium hydroxide, a critical input for electric-vehicle batteries.

Supermarket chain Woolworths gained 0.5% after it offered to buy an 80% stake in online retailer MyDeal.com for A$217.4 million ($152.98 million).

New Zealand's benchmark S&P/NZX 50 index closed 0.5% higher at 11,206.9, posting its first weekly rise in four. ($1 = 1.4211 Australian dollars) (Reporting by Roushni Nair in Bengaluru; Editing by Subhranshu Sahu)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
IGO LIMITED -0.40% 9.92 Delayed Quote.-13.16%
MYDEAL.COM.AU LIMITED 0.00% 1.03 Delayed Quote.29.56%
S&P/ASX 200 0.25% 6629.3 Real-time Quote.0.00%
WOOLWORTHS GROUP LIMITED -0.08% 35.9 Delayed Quote.-5.47%
XERO LIMITED 2.32% 80.64 Delayed Quote.-44.28%
All news about WOOLWORTHS GROUP LIMITED
07/01Woolworths Group boosts Pride support across Australia
AQ
06/24Broadsign, Cartology teamup to upgrade Woolworth's retail media network
AQ
06/23Woolworths Group engages untapped tech talent of refugees in new cadet program
AQ
06/20New Zealand Regulator to Get Information-Disclosure Powers Over Supermarkets
DJ
06/14Broadsign teams with Cartology to upgrade Woolworth's retail media network
AQ
06/02WOOLWORTHS : Form 604 - Change of interest of substantial holder for HMC
PU
05/30New Zealand aims to boost competition in supermarket sector
RE
05/29New Zealand Supermarkets to Open Wholesale Arms to Rivals
DJ
05/27Nation's capital home to major milestone in Woolworths' solar expansion
AQ
05/26Australian Shares Post Losses Amid Supermarket, Retail Drag
MT
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Analyst Recommendations on WOOLWORTHS GROUP LIMITED
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Financials
Sales 2022 60 790 M 41 646 M 41 646 M
Net income 2022 7 746 M 5 307 M 5 307 M
Net Debt 2022 14 932 M 10 229 M 10 229 M
P/E ratio 2022 5,69x
Yield 2022 2,49%
Capitalization 43 397 M 29 730 M 29 730 M
EV / Sales 2022 0,96x
EV / Sales 2023 0,93x
Nbr of Employees 210 067
Free-Float 99,9%
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Mean consensus HOLD
Number of Analysts 15
Last Close Price 35,93 AUD
Average target price 37,84 AUD
Spread / Average Target 5,31%
EPS Revisions
Managers and Directors
Bradford Banducci Chief Executive Officer, MD & Executive Director
Stephen Harrison Chief Financial Officer
Gordon McKellar Cairns Independent Chairman
John Hunt Chief Information & Replenishment Officer
Marcin Michal Firek Director-People Reward, Risk & Compliance
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