ASX 200 crashes 3.8%: ASX banks sink lower and ResMed impresses

National Australia Bank Ltd (ASX:NAB) and ResMed Inc. (ASX:RMD) shares are making waves on the ASX 200 on Friday…

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Stressed investor looking at chart with red downward arrow of falling asx share price

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At lunch on Friday the S&P/ASX 200 Index (ASX: XJO) is on course to start the month on a disappointing note. The benchmark index is currently down 3.8% to 5,313.2 points.

Here’s what is happening on the market today:

ASX 200 crashes lower.

Investors have been hitting the sell button after sizeable declines were recorded across international markets overnight. Every single sector is in the red at lunch, with the banks among the worst performers. For example, Australia and New Zealand Banking Group Ltd (ASX: ANZ) and National Australia Bank Ltd (ASX: NAB) shares are both down over 5% at the time of writing.

ResMed third quarter impresses.

The ResMed Inc. (ASX: RMD) share price has avoided the selloff and is charging higher. ResMed’s shares raced higher after it smashed expectations in the third quarter. The medical device company delivered quarterly revenue of US$769.5 million and diluted earnings per share of US$1.12. This was a 16% and 53% increase, respectively, over the prior corresponding period. ResMed revealed that it has experienced strong demand for ventilators due to the coronavirus pandemic.

Newcrest returns and tumbles lower.

The Newcrest Mining Limited (ASX: NCM) share price has returned from its trading halt after completing its fully underwritten $1 billion institutional placement. The gold miner raised the funds at a 7% discount of $27.54 per new share. The company will now push ahead with its share purchase plan which aims to raise up to $100 million. The proceeds will be used to purchase the Fruta del Norte financing facilities and fund future growth options. Newcrest’s shares are down 6.5% at lunch.

Best and worst ASX 200 performers.

The best performer on the ASX 200 at lunch is the Janus Henderson Group plc (ASX: JHG) share price with a 10% gain. Investors have been buying its shares after it reported a 15% lift in first quarter operating profit (before one-offs) of US$164.5 million. The worst performer is the Austal Limited (ASX: ASB) share price with an 18% decline. The ship builder’s shares have been sold off after it was overlooked for a major U.S. Navy project.

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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Austal Limited. The Motley Fool Australia has recommended ResMed Inc. 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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