At lunch on Friday the S&P/ASX 200 index has followed the lead of U.S. markets and pushed higher. At the time of writing the benchmark index is up 0.1% to 6,574.6 points.
Here's what has been happening on the market today:
REA Group storms higher.
The REA Group Limited (ASX: REA) share price is up almost 6% at lunch following the release of the property listings company's full year results. For the 12 months ended June 30, REA Group reported an 8% increase in revenue to $874.95 million and a 6% lift in net profit from core operations to $295.5 million. Although this was a touch softer than some expected, investors appear to be pleased with management's cautious but positive outlook.
Tech shares racing higher.
Australian tech shares including Altium Limited (ASX: ALU) and WiseTech Global Ltd (ASX: WTC) are on course to end the week on a high. Altium's shares are up 3.5% and WiseTech's shares are 5% higher at lunch. This has helped lift the S&P/ASX 200 Info Tech index 2.4% today and follows a strong rise by the Nasdaq index overnight. The technology-focused index finished the day 2.2% higher after investor sentiment improved.
Bank shares mixed.
The majority of Australia's big four banks are ending the week on a positive note. At lunch three of the big four banks are trading higher, with the Commonwealth Bank of Australia (ASX: CBA) share price the best performer in the group with a gain of 0.6%. The laggard in the group has been the National Australia Bank Ltd (ASX: NAB) share price with a decline of 0.4%.
Best and worst performers.
The best performer on the ASX 200 index at lunch on Friday by some distance is the James Hardie Industries plc (ASX: JHX) share price. The building materials company's shares have pushed 13.5% higher after announcing a better than expected first quarter update. Going the other way is the Mirvac Group (ASX: MGR) share price which is down 4% after giving back the majority of yesterday's strong gain.
