The S&P/ASX 200 index has bounced back from a soft start and is up 0.25% to 6,311.4 points at lunch.
Here’s what has been happening on the market today:
REA Group update.
The REA Group Limited (ASX: REA) share price has pushed higher today after the release of the property listings company’s third quarter update. During the quarter REA Group achieved a 7% increase in revenue to $198.6 million and a 6% lift in EBITDA to $110.7 million. Although listings were down notably in Sydney and Melbourne, demand for its premium advertising products and its Hometrack business offset this weakness.
TPG Telecom shares surge higher.
The TPG Telecom Ltd (ASX: TPM) share price has been a strong performer and is up almost 4% at lunch. This morning a note out of Ord Minnett revealed that the broker has upgraded the telco company’s shares to an accumulate rating from hold with an improved price target of $6.90. Its analysts appear to believe the company has a good chance of overturning the ACCC’s decision in court. Elsewhere in the industry, the Telstra Corporation Ltd (ASX: TLS) share price is up almost 0.5% today.
Qantas shares hit turbulence.
A note out of the Macquarie equities desk reveals that its analysts have downgraded Qantas Airways Limited (ASX: QAN) shares from outperform to neutral following its third quarter update. According to the note, the broker believes a decline in corporate travel, the election, and weak consumer sentiment could weigh on its revenue in FY 2020. The Qantas share price is down 2.5% at lunch.
Best and worst performers.
The best performer on the ASX 200 at lunch is the TPG Telecom share price with its gain of almost 4%. Not far behind is the New Hope Corporation Limited (ASX: NHC) share price which has climbed 3.5% despite there being no news out of the coal miner. Going the other way is the Eclipx Group Ltd (ASX: ECX) share price with a decline of almost 4%. Investors appear to be taking profit after an incredible share price rally over the last six weeks. Prior to today its shares were up 75% since March 26.
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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 Telstra 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.
The Motley Fool's purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 2019