Here’s a big number for you.
The flagship company of Australia’s richest person, Gina Rinehart, has posted a $7.33 billion net profit for the year to June.
Thats eclipsed the profitability of three of the country’s big four banks.
The result was driven by record iron ore prices and “operational success.”
Happy Friday Gina!
The Australian sharemarket tumbled on Friday as fears of a new COVID-19 variant spooked investors, leading to a broad-based sell-off.
The S&P/ASX dropped 128 points, or 1.7 per cent, to 7279.3, taking its five-day loss to 1.6 per cent. All 11 sharemarket sectors finished the session lower.
Appen was the biggest laggard, cratering18.8 per cent to $9.45 following a broker downgrade.
Travel stocks also dived amid concerns of resurgent COVID-19 cases. Flight Centre dropped 7.5 per cent to $17.14, Corporate Travel declined 5.8 per cent to $21.62, Qantas fell 5.5 per cent to $5 and Webjet finished 5.1 per cent lower at $5.35.
b dropped 5.8 per cent to $32, Kogan fell 5.7 per cent to $8.01, Oil Search lost 5.5 per cent to $3.99 and Woodside declined 5.1 per cent to $21.60.