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ASX 200 lunch update: Crown & News Corp higher, REA Group lower

stock market numbers

The S&P/ASX 200 index has failed to follow the lead of U.S. markets and is on course to end the week in the red. At lunch the benchmark index is down 0.4% to 7,019.7 points.

Here’s what has been happening on the market today:

REA Group first half result.

The REA Group Limited (ASX: REA) share price is trading lower on Friday after the release of a weaker than expected half year result. For the six months ended December 31, REA Group reported a 6% decline in revenue to $440.3 million. And on the bottom line, net profit from core operations came in 13% lower at $152.9 million. A 14% decline in national residential listings weighed on its performance.

News Corp share price climbs higher.

The News Corp (ASX: NWS) share price is pushing higher on Friday after revealing an improved performance in the second quarter. The media giant reported a 6% decline in second quarter revenue to US$2,479 million and a 4% reduction in quarterly EBITDA to US$355 million. This led to News Corp reporting a 6% decline in revenue and a 21% reduction in EBITDA for the first half of FY 2020.

Crown’s Melco transaction cancelled.      

The Crown Resorts Ltd (ASX: CWN) share price is pushing higher despite announcing that James Packer’s share sale to Lawrence Ho’s Melco Resorts and Entertainment has been terminated. Melco pulled the plug on the deal due to the impact of the coronavirus epidemic. It has decided to reassess all non-core investments to be made in 2020.

Best and worst performers.

The best performer on the ASX 200 at lunch is the Gold Road Resources Ltd (ASX: GOR) share price with a 6.5% gain. The gold miner’s shares are racing higher despite there being no news out of it. The worst performer on the index is the Orocobre Limited (ASX: ORE) share price with a decline of 7%. This appears to be down to profit taking after some strong gains earlier in the week.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Crown Resorts Limited. 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.

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