Fool’s paradise? Sydney and Melbourne house prices again rose strongly in March but there were more signs of a slowdown following tough restrictions on how real estate agents can sell properties during the coronavirus pandemic.
Cochlear’s 2018-19 results topped market expectations, Newcrest has ridden the rising gold price higher, Domain has cut its full-year dividend while investors have given oOh! Media’s 2019 profit downgrade a big thumbs down.
While Nine shares rose 2% to $1.77 in early trading on the news of the sale of ACM, Domain shares slid nearly 8% at one stage after it revealed a 13% slide in third-quarter property listings and a fall in revenue for the third quarter.
The fall out from last Friday’s trading updates from Nine Entertainment and Fairfax Media ahead of the release of the documentation for their planned takeover deal continued to batter the media sector yesterday on the ASX.
Macquarie observes cost management has offered more protection than previously expected against the headwinds to volume. Trading was slightly weaker than expected in July to October but offset by strong cost-cutting.
Weakness in property listings has become a familiar theme, Credit Suisse notes, and CoreLogic data show that in the second half of FY19 new listings in the capital cities were down -17%, with Sydney down -24% and Melbourne down -22%.