It has been a mixed day of trade for the S&P/ASX 200 index. After a reasonably solid start to the day, the benchmark index is trading 3 points lower at 6,723.3 points at lunch.
Here’s what has been happening on the market today:
REA Group disappoints.
The REA Group Limited (ASX: REA) share price has come under pressure on Friday after the release of its first quarter update. A sharp decline in listing volumes in Melbourne and Sydney led to the property listings company reporting a 9% decline in revenue and a 14% decline in EBITDA. REA Group also noted that listing volumes were down sharply during October.
Gold miners crash lower.
Australia’s gold miners are on course to finish the week deep in the red. The likes of Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) have fallen sharply today after trade deal optimism sent the gold price sinking lower. At lunch the S&P/ASX All Ords Gold index is down a sizeable 4.7%.
Tech shares rise.
The Australian tech sector is pushing higher again on Friday. Bravura Solutions Ltd (ASX: BVS) and WiseTech Global Ltd (ASX: WTC) shares are leading the way with gains of 5% and 2%. They are playing a key role in driving the S&P/ASX 200 Info Tech index 1.2% higher at lunch.
Amcor Q1 update.
The Amcor PLC (ASX: AMC) share price is pushing higher today. Investors have been buying the packaging company’s shares following a solid first quarter update. During the first quarter of FY 2020, Amcor posted adjusted net income of US$218 million and adjusted earnings per share of 13.4 U.S. cents per share. Both were up 14.9% on the prior corresponding period in constant currency.
Best and worst performers.
The best performer on the ASX 200 at lunch is the Bravura Solutions share price with a 5% gain. Positive trade talks have given the tech sector a boost today. Going the other way is the Northern Star share price with a disappointing 7% decline. Those same trade talks have weighed heavily on safe havens assets like gold and bonds.
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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Bravura Solutions Ltd. The Motley Fool Australia owns shares of WiseTech Global. The Motley Fool Australia has recommended Bravura Solutions Ltd and REA Group Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.