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ASX 200 jumps 7% on Monday

The S&P/ASX 200 Index (ASX: XJO) started the week on fire, it jumped by 7%.

News headlines continues to be dominated by the coronavirus as healthcare systems and governments do their best to try to keep things under control.

Here are some of the highlights from today:

Ansell Limited (ASX: ANN) soars

The share price of the glovemaker shot up by over 25% today after giving investors an update.

Ansell reaffirmed its guidance for FY20 of earnings per share (EPS) to be between US$1.12 to US$1.22.

The company is seeing “very strong” demand for its hand and body protection products which are certified for protection against infective agents. It’s also seeing high demand for its single use examination gloves and surgical gloves.

However, it also expects this to be offset by declining demand for some industrial products, temporary lockdowns and other restrictions.

Other notable movements

There were a couple of big gains today in the ASX 200. The share price of Mayne Pharma Group Ltd (ASX: MYX) rose by 27% and the share price of Estia Health Ltd (ASX: EHE) climbed by 15.7% after some insider buying.

The share price of Tyro Payments Ltd (ASX: TYR) rose 0.3% despite withdrawing its prospectus forecast and giving a trade update.

The share price of Challenger Ltd (ASX: CGF) climbed 11.7% after giving an update.

The share price of Insurance Australia Group Ltd (ASX: IAG) gained 10.9% after giving an update.

The share price of Bank of Queensland Limited (ASX: BOQ) rose 5.7% after withdrawing its FY20 guidance.

The share price of Pro Medicus Limited (ASX: PME) went up 6.9% after announcing a share buyback.

The share price of QBE Insurance Group Ltd (ASX: QBE) rose 6.7% after withdrawing its guidance.

Wage subsidy

The Australian government announced its wage subsidy initiative this afternoon. There are a few rules, but full timers, part timers, sole traders and casuals that have been employed for over 12 months will be able to receive $1,500 a fortnight. That money will be reimbursed to employers backdated to today.

The share market continues to be volatile and I’d want to buy these top ASX shares.

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As of 17/3/2020

Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Tyro Payments. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. recommends Pro Medicus Ltd. The Motley Fool Australia owns shares of and has recommended Challenger Limited and Pro Medicus Ltd. The Motley Fool Australia owns shares of Insurance Australia Group Limited. The Motley Fool Australia has recommended Ansell Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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