In afternoon trade the S&P/ASX 200 index is on course to end the week on a disappointing note. At the time of writing the benchmark index is down 0.25% to 6,709.5 points.
Four shares that are falling more than most today are listed below. Here’s why they are ending the week in the red:
The News Corp (ASX: NWS) share price is down 6% to $19.24 following the release of its first quarter update. During the three months ended September 30, News Corp reported a 7% decline in revenues to US$2.34 billion. On the bottom line the company posted a net loss of US$211 million. This compares to a profit of US$128 million a year earlier. This was is due to non-cash impairment charges of US$273 million relating primarily to its News America Marketing business.
The Northern Star Resources Ltd (ASX: NST) share price has crashed 8% lower to $8.86. Investors have been selling the gold miners today after trade deal optimism sent the gold price sinking lower. It isn’t just Northern Star falling heavily. This afternoon the S&P/ASX All Ords Gold index is down by a sizeable 5.7%.
The REA Group Limited (ASX: REA) share price has dropped 3% to $103.38 after the release of its first quarter update. The property listings company disappointed investors with a 9% decline in revenue and a 14% decline in EBITDA. This was driven largely by a sharp decline in listing volumes in the key Melbourne and Sydney markets. REA Group also noted that listing volumes were down sharply during October despite a rebound in house prices.
The Zip Co Ltd (ASX: Z1P) share price is down almost 2.5% to $3.93. This decline appears to be down to profit taking after the payments company’s shares rocketed higher on Thursday. Investors were scrambling to buy Zip Co’s shares after it announced an agreement with Amazon Australia. That agreement has seen Zip Co added to the ecommerce giant’s Australian website as a payment option immediately.
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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 ZIPCOLTD FPO. The Motley Fool Australia has recommended 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.