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MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  REA Group Limited    REA   AU000000REA9

REA GROUP LIMITED

(REA)
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Australia shares rise as govt paves way for billions in stimulus

10/06/2020 | 08:55pm EST

* Stimulus measures to push budget deficit to record A$213.7 bln

* Gold stocks drop as bullion prices slide 1%

* U.S. President Donald Trump ends negotiations on stimulus bill

Oct 7 (Reuters) - Australian shares edged higher on Wednesday, lifted mostly by tech and industrial stocks, a day after the government promised billions in the federal budget to help take the coronavirus-stricken economy out of recession.

The S&P/ASX 200 index rose 0.25% to 5,977.2 points by 0010 GMT.

The Australian government on Tuesday announced billions in tax cuts and programmes to boost employment and infrastructure spending, measures that are set to push the budget deficit to a record A$213.7 billion ($151.73 billion) for the fiscal year ending June 30, 2021.

"The federal budget seems to have wide support, and the market certainly took it in its stride faced with the complete economic dislocation from the virus," said James McGlew, executive director of corporate stock broking at Argonaut.

The market showed scant reaction to U.S. President Donald Trump's decision to stop negotiations with Democrats on a coronavirus economic relief bill until after the elections.

Among sectors, tech stocks climbed more than 1%, with online property-related services company REA Group Ltd gaining 1.4%.

Industrials were also higher, with employment-related services provider Seek Ltd rising 1.7% and Sydney Airport Holdings up 0.8%.

Gold stocks, on the other hand, dropped about 2% as prices of bullion slid after Trump's surprise announcement.

The country's largest independent gold miner Newcrest Mining lost more than 1%, while explorer OceanaGold Corp dropped 2%.

Miners were also trading lower, with BHP Group and Rio Tinto down 1.9% and 0.9%, respectively.

New Zealand's benchmark S&P/NZX 50 index was largely flat, as gains among financial and utility shares were pared by losses among healthcare and industrial shares.

($1 = 1.4085 Australian dollars)

(Reporting by Soumyajit Saha in Bengaluru, Editing by Sherry Jacob-Phillips)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
BHP GROUP 3.37% 38.3 End-of-day quote.-1.59%
NEWCREST MINING LIMITED -6.11% 26.6 End-of-day quote.-12.07%
OCEANAGOLD CORPORATION -3.61% 1.735 End-of-day quote.-37.59%
REA GROUP LIMITED 0.77% 141.72 End-of-day quote.36.80%
RIO TINTO GROUP 2.22% 103.13 End-of-day quote.2.72%
RIO TINTO PLC 3.84% 5053 Delayed Quote.8.06%
S&P/ASX 200 0.91% 6707.9 Real-time Quote.-1.83%
SEEK LIMITED 2.07% 26.18 End-of-day quote.16.10%
SYDNEY AIRPORT LIMITED -0.58% 6.85 End-of-day quote.-20.90%
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Financials
Sales 2021 879 M 647 M 647 M
Net income 2021 310 M 228 M 228 M
Net cash 2021 34,5 M 25,4 M 25,4 M
P/E ratio 2021 60,1x
Yield 2021 0,86%
Capitalization 18 667 M 13 723 M 13 739 M
EV / Sales 2021 21,2x
EV / Sales 2022 17,4x
Nbr of Employees 1 496
Free-Float 37,6%
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Technical analysis trends REA GROUP LIMITED
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TrendsBullishBullishBullish
Income Statement Evolution
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Mean consensus HOLD
Number of Analysts 12
Average target price 121,98 AUD
Last Close Price 141,72 AUD
Spread / Highest target 5,84%
Spread / Average Target -13,9%
Spread / Lowest Target -43,6%
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Managers
NameTitle
Owen James Wilson Chief Executive Officer & Executive Director
Hamish Roy McLennan Chairman
Janelle Hopkins Chief Financial Officer
Tomas Varsavsky Chief Technology & Data Officer
Kathleen Marie Conlon Independent Non-Executive Director
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