Redbubble (ASX:RBL) share price crashes: ASX tracking 0.6% lower

12Dec

Redbubble (ASX:RBL) share price crashes: ASX tracking 0.6% lower

 

The Australian share market took a dip at the open and continued to fall throughout the morning. They are now tracking 0.6 per cent lower at noon. Webjet (ASX:WEB) shares have dropped and Redbubble (ASX:RBL) shares took a huge fall today after the company revised its growth outlook for 2020. Lynas (ASX:LYC) shares rose over 9 per cent. All the sectors are in the red today Materials is leading the sectors today and information technology is falling behind.

The S&P/ASX 200 index is 43 points down at 6,709. On the futures market the SPI is eyeing a fall of 33 points.

Broker Moves

Citi has downgraded RIO (ASX:RIO) to a Neutral from Buy with a target price of $100 reduced from $105. They estimate that global growth will be modestly higher in 2020, which is bullish for commodities. The downgrade is to reflect the outperformance in the stock over the past 12 months. Rio (ASX:RIO) are 0.2 per cent lower at $98.91.

Company news

Redbubble (ASX:RBL) the leading global marketplaces for independent artists, estimates that Group Marketplace Revenue growth for the second quarter to date is 20 per cent year on year on a floating basis. Growth for the recently acquired TreePublic was strong, but quarter-to-date growth for the Redbubble platform was 2 per cent. Shares in Redbubble (ASX:RBL) are currently trading 39.2 per cent lower at $1.10.

Nearmap (ASX:NEA) has bought technology and intellectual property from US-based Pushpin, a deep learning and analytics technology company for roof geometry insights. The US$3.5 million acquisition will be used by the company in a variety of ways, including the quoting and fulfillment of roofing projects, determining solar irradiance, planning drone delivery routes and modelling 5G propagation. Shares in Nearmap (ASX:NEA) are currently 1.7 per cent lower at $2.56.

Best and worst performers

The best-performing sector is Materials, lost the least at 0.2 per cent, while the worst performing sector is Infotech, shedding 1.5 per cent.

The best performing stock in the S&P/ASX 200 is Lynas Corporation (ASX:LYC) rising 9.3 per cent to $2.36, followed by shares in Perenti Global (ASX:PRN) and Charter Hall Group (ASX:CHC).

The worst performing stock in the S&P/ASX 200 is ALS (ASX:ALQ), dropping 4.5 per cent to $9.01, followed by shares in Webjet (ASX:WEB) and Pro Medicus (ASX:PME).

Commodities and the dollar

Gold is trading at US$1,476 an ounce.
Iron ore price rose 1.2 per cent to US$94.67.
Iron ore futures are pointing to a fall of 0.5 per cent.
One Australian dollar is buying 68.77 US cents.
 
Copyright 2019 – Finance News Network


Source: Finance News Network

Share this post

Related Posts

28Nov

Dow falls as Cyber Monday stocks rise

28 Nov 2023 - The Dow Jones Industrial Average fell on Monday, as traders took a breather after the major averages posted a four-week winning streak.

Read More
31Dec

Final trading day of the year: ASX poised to open lower

31 Dec 2019 - It’s the last day of trading for 2019 and Australian shares are set to open lower. Over in the US stocks fell on light trading. The S&P 500 fell the most in more than three weeks. Tech shares saw falls with Facebook and Amazon among the biggest decliners. Treasury Wine Estates (ASX:TWE) is set to say goodbye to Fiona Last their Company Secretary.

Read More
02Nov

Stocks rally as the Fed keeps rates unchanged

02 Nov 2023 - Stocks rallied Wednesday, rebounding from a dismal past three months, after the Federal Reserve kept interest rates unchanged for a second consecutive time - leading investors to think the central bank would stay put for the rest of the year.

Read More
01Nov

US equities close lower, but post best month since 1976

01 Nov 2022 - Markets made a huge comeback in October. The Dow guided those gains and closed 14 per cent higher for the month. The 30-stock index had its best month since 1976 as investors bet on more traditional companies, like banks, to lead the next bull.

Read More
10Aug

Reporting season rolls in: Aus shares 1.2% higher at noon

10 Aug 2020 - The Australian share market lifted at the open as financial year reports roll in and is now tracking 1.2 per cent higher at noon. Banks and REITs have lifted while miners are lacking, but all sectors are in the green by noon. Sigma Healthcare (ASX:SIG) has executed contracts to sell two distribution centres for $172 million.

Read More
08Feb

S&P 500 notches up best week since November: Aus shares to edge higher

08 Feb 2021 - The Aussie market is set to edge higher following a solid finish to the week on Wall Street. The S&P 500 hit another record high last week up 4.7 per cent for the week to notch up its best 5 day run since early November.

Read More
25Feb

RBA resumes 3-year bond buying: ASX 1% higher at noon

25 Feb 2021 - The ASX is trading higher following positive leads from Wall Street and is now tracking 1% higher at noon. The S&P/ASX 200 index is 8 points up at 6,846. On the futures market the SPI is suggesting a rise of 65 points. The Energy sector is leading the way while the Industrials sector is behind. The Reserve Bank announced today that they will continue to purchase three year government bonds to ensure that the yield...

Read More
07Aug

Wall St rises, Gaming stocks under pressure in Asia, Why GUD Holding’s price target got cut: ASX to open flat

06 Aug 2021 - Major indexes around the globe closed mixed ahead of the U.S. jobs report and earnings results. U.K. markets were little changed after the Bank of England left rates unchanged and in Asia, Chinese gaming stocks came under pressure. Why Credit Suisse rates GUD (ASX:GUD) as an outperform but dropped its price target. RBA to release news today.

Read More
22Mar

Wall St falls after hawkish comments, Amcor, Alumina, Bluescope on watch today: ASX to rise

22 Mar 2022 - Wall St closed mixed as investors took a breather following last week's rally. Ukraine President Zelenskyy refused to surrender Mariupol, sending oil prices soaring. US bond yields spiked after Fed Chair Powell’s hawkish comments. Pendal (ASX:PDL) coverage for Stockwatch

Read More
17Mar

Market sees an unexpected rebound: ASX closes 5.8% higher

17 Mar 2020 - The ASX saw its best day since 1997, closing 5.8% higher. Metcash (ASX:MTS) saw their shares soar today over 25%. Shares in Gold Road Resources (ASX:GOR) also saw a huge rise of over 20 per cent. Johns Lyng Group (ASX:JLG) has extended its contract with Western Australia’s major local insurer for a further five years.

Read More