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ASX200 rallies; REA Group plunges 5%; Flight Centre rallies on CEO optimism

  • ASX200 is trading 0.03% higher at 7514.10 after lunchtime.
  • REA Group hit by investor selloff amid fears of listing volumes declining.
  • Flight Centre share price boosted by CEO optimism from vaccine passport.

The Australian market is see-sawing today, trading just 2 points higher at 7514.10 after lunchtime as the RBA cut its forecast for GDP growth this year from 4.75% to 4%.

The tech sector is leading the gains today with Afterpay surging another 5% in its week-long rally, while EML Payments adds 4.14% and Nuix is trading 2.29% higher.

Bitcoin is trading 2.61% higher in the last 24-hours at US$40,373.30 at 1:45pm AEST.

REA Group is taking a hit today after releasing full year results. For the 12 months ended June 30, REA reported revenues of $928m, up 13% from the same period a year earlier, and an 18% hike in net profit to $318m. Despite achieving market expectations for performance, investors appear worried about the management commentary around listing volumes in July being down from a year earlier amid lockdowns around the country.

Making headlines, Flight Centre shares are rallying today despite Victoria plunging back into a snap 7-day lockdown overnight. Investors are backing the travel agent after CEO Graham Turner spoke to 4BC radio about the UK offering the roadmap back to free travel through the rollout of vaccine passports. A notion which Mr Turner expects Australia and other nations to follow to ensure a return to travel in the mid-term future.

And a Brisbane-based company is developing a needle-free way to administer vaccines using a 9 millimetre patch containing 1200-1300 tiny micro-scale projections able to inject any vaccine within 10 seconds.

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