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

Crown Resorts Ltd (ASX:CWN), News Corp (ASX:NWS), and REA Group Limited (ASX:REA) shares are on the move on the ASX 200 on Friday…

a woman

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

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.

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.

More on Share Market News

Doctor doing a telemedicine using laptop at a medical clinic
Healthcare Shares

3 small-cap ASX healthcare shares 'with strong prospects'

Fund manager IML discusses why these 3 ASX healthcare shares are likely to rise in value.

Read more »

Magnifying glass on a rising interest rate graph.
Share Market News

Will the RBA finally cut interest rates next week?

Let's see what economists are saying about the central bank's meeting.

Read more »

A couple sits on a sofa, each clutching their heads in horror and disbelief, while looking at a laptop screen.
Share Gainers

Here are the top 10 ASX 200 shares today

Investors endured a rough Friday to close the trading week today.

Read more »

a man wearing old fashioned aviator cap and goggles emerges from the top of a cannon pointed towards the sky. He is holding a phone and taking a selfie.
Broker Notes

7 ASX All Ords shares elevated to 'strong buy' status in October

The brokers turned bullish on these ASX companies last month.

Read more »

A businessman compares the growth trajectory of property versus shares.
Share Market News

How ASX shares vs. property performed in October

The national home value rose for the 21st consecutive month while the ASX 200 dipped.

Read more »

Person with thumbs down and a red sad face poster covering the face.
Share Fallers

The worst 3 ASX 200 stocks to buy and hold in October unmasked

You would have done well to avoid these three ASX 200 stocks in October.

Read more »

A female Woolworths customer leans on her shopping trolley as she rests her chin in her hand thinking about what to buy for dinner while also wondering why the Woolworths share price isn't doing as well as Coles recently
52-Week Lows

Why is the Woolworths share price at its lowest point since 2020?

We haven't seen Woolies shares this low since COVID.

Read more »

A man sits in despair at his computer with his hands either side of his head, staring into the screen with a pained and anguished look on his face, in a home office setting.
Share Fallers

Why AFT, Amcor, Corporate Travel, and Macquarie shares are falling today

These shares are ending the week in the red. But why?

Read more »