ASX 200 midday update: REA & ResMed results, Afterpay jumps

It has been an eventful day on the ASX 200 on Friday…

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At lunch on Friday, the S&P/ASX 200 Index (ASX: XJO) is on course to record a very small gain. The benchmark index is currently up slightly to 7,512.8 points.

Here’s what is happening on the ASX 200 today:

REA shares tumble on FY 2021 results

The REA Group Limited (ASX: REA) share price is under pressure today despite delivering a full year result in line with the market’s expectations. For the 12 months ended 30 June, the property listings company posted a 13% increase in revenue to $928 million and an 18% jump in net profit to $318 million. Investors may have concerns over its soft start to FY 2022 due to lockdowns.

ResMed shares lower after full year update

The ResMed Inc (ASX: RMD) share price is trading lower today. As with REA, this is despite the sleep treatment company announcing a full year result in line with expectations. ResMed reported an 8% increase in full year to US$3.2 billion and a 13% jump in non-GAAP net income to US$780.6 million. Investors may be slightly underwhelmed with management’s guidance for steady growth in FY 2022.

Iron ore price sinks

A pullback in iron ore prices overnight is weighing on BHP Group Ltd (ASX: BHP), Fortescue Metals Group Limited (ASX: FMG), and Rio Tinto Limited (ASX: RIO) shares and the ASX 200 on Friday. According to CommSec, the spot iron ore price tumbled US$13.10 a tonne or 7.2% to US$170.05 a tonne. This was driven by concerns that Chinese regulators will increase production limits on steel producers.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Friday has been the Afterpay Ltd (ASX: APT) share price with a 5% gain. This follows a strong rise in the Square share price overnight. Square is acquiring Afterpay in an all-scrip deal, so if its shares rise, the Afterpay share price should rise with it. The worst performer has been the REA share price with a 5% decline following its full year results release.

Motley Fool contributor 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 and has recommended AFTERPAY T FPO. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has recommended ResMed. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO. The Motley Fool Australia has recommended REA Group Limited and ResMed Inc. 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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