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

Market Reports

by Rachael Jones

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.