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ASX 200 drops 1.15%: Fisher & Paykel Healthcare impresses, big four banks tumble

At lunch on Monday the S&P/ASX 200 Index (ASX: XJO) is on course to start the week on a disappointing note. The benchmark index is currently down 1.15% to 5,836 points.

Here’s what is happening on the market today:

Big four banks tumble.

The big four banks have taken a tumble on Monday and are acting as a major drag on the ASX 200’s performance. All four banks are trading notably lower, but the National Australia Bank Ltd (ASX: NAB) share price is the worst performer in the group. NAB’s shares are nursing a 2.6% decline at the time of writing.

Fisher & Paykel Healthcare impresses.

The Fisher & Paykel Healthcare Corp Ltd (ASX: FPH) share price is racing higher on Monday after the release of a strong full year result. In FY 2020, the medical device company delivered an 18% increase in operating revenue to NZ$1.26 billion and a 37% jump in net profit after tax to NZ$287.3 million. This was ahead of its upgraded guidance. Further growth has been forecast for FY 2021, thanks largely to its Hospital products segment.

Travel shares tumble.

Concerns over a spike in coronavirus cases in Victoria and the impact this could have on the domestic travel market appear to be weighing heavily on travel shares on Monday. The likes of Flight Centre Travel Group Ltd (ASX: FLT), Qantas Airways Limited (ASX: QAN), and Webjet Limited (ASX: WEB) have all fallen heavily today.

Best and worst ASX 200 shares.

The best performer on the ASX 200 on Monday has been the Fisher & Paykel Healthcare share price with a gain of 5%. Investors appear pleased with its record full year result and guidance for FY 2021. The worst performer on the index has been the Flight Centre share price with a decline of over 6%. Qantas isn’t far behind with a sizeable 5.5% decline of its own.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Webjet Ltd. The Motley Fool Australia has recommended Flight Centre Travel Group Limited. 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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