ASX 200 down 0.3%: Crown CEO hasn’t resigned, Mirvac update, Nearmap remains halted

Crown Resorts Ltd (ASX:CWN) and Nearmap Ltd (ASX:NEA) shares are in the headlines on the ASX 200 on Friday. Here’s why…

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At lunch on Friday, the S&P/ASX 200 Index (ASX: XJO) looks set to end the week with a decline. The benchmark index is currently down 0.3% to 6,830.8 points.

Here’s what is happening on the market today:

Crown CEO not resigning

The Crown Resorts Ltd (ASX: CWN) share price is trading lower today after advising that, contrary to media reports, its CEO, Ken Barton, has not handed in his resignation. However, the company has noted that the two parties are continuing to consider Mr Barton’s position following the Bergin report. One person that is leaving the company is Director Andrew Demetriou. He has resigned as a Director of Crown and as Chairman of Crown Melbourne.

Mirvac half year update

The Mirvac Group (ASX: MGR) share price is trading lower today following the release of its half year results. For the six months ended 31 December, the property company reported a statutory profit of $396 million. This was down 35% on the prior corresponding period. Mirvac declared an interim distribution of 4.8 cents per share, which was a touch short of what analysts at Morgans were forecasting.

Nearmap to respond to short seller attack on Monday

The Nearmap Ltd (ASX: NEA) share price will remain in a trading halt today as it prepares its response to a short seller attack. Hong Kong-based J Capital alleges that Nearmap is struggling in the U.S. market and using accounting tricks to hide this. The aerial imagery technology and location data company also advised that it will bring forward the release of its half year results and release them with its response.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Friday has been the REA Group Limited (ASX: REA) share price with a 2% gain. This morning Morgan Stanley retained its overweight rating and lifted its price target on its shares to $175.00. The worst performer has been the Eagers Automotive Ltd (ASX: APE) share price with a 5.5% decline on no news.

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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 Nearmap Ltd. The Motley Fool Australia has recommended Crown Resorts Limited, Nearmap Ltd., and REA Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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