ASX 200 up 0.1%: a2 Milk crashes lower, Flight Centre and Webjet surge higher

A2 Milk Company Ltd (ASX:A2M) and Webjet Limited (ASX:WEB) shares are making a splash on the ASX 200 on Monday…

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At lunch on Monday the S&P/ASX 200 Index (ASX: XJO) has fought back from a morning decline and is trading higher. At the time of writing the benchmark index is up 0.1% to 5,971.8 points.

Here’s what is happening on the market today:

A2 Milk shares crash lower.

It has been a very disappointing start to the week for the A2 Milk Company Ltd (ASX: A2M) share price. It is crashing lower on Monday after the infant formula and fresh milk company released an update on its outlook for FY 2021. Due largely to weakness in the daigou channel, management expects its first half sales to be down 3.9% to 10.1% compared to the prior corresponding period.

Travel shares surge higher.

A number of travel shares are storming notably higher on Monday. This appears to have been driven by a major improvement in COVID-19 infections in Victoria and the possibility of a travel bubble opening soon between Australia and New Zealand. Flight Centre Travel Group Ltd (ASX: FLT) and Webjet Limited (ASX: WEB) shares are up over 7% at lunch.

Iress increases takeover offer for OneVue.

The Iress Ltd (ASX: IRE) share price is pushing higher today after announcing an increase in its takeover offer for OneVue Holdings Ltd (ASX: OVH). The financial technology company has made a final offer of 43 cents per share, up from 40 cents per share previously. The company made the move after receiving feedback from OneVue shareholders. The OneVue board continues to recommend the offer.

Best and worst performers.

The best performer on the ASX 200 on Monday has been the Webjet share price with a gain of over 8%. Optimism that the travel market may recover quicker than expected appears to have given travel shares a boost. The worst performer is the a2 Milk share price by some distance with a 9% decline. This follows the release of its aforementioned outlook update this morning.

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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 owns shares of A2 Milk. The Motley Fool Australia has recommended Flight Centre Travel Group Limited and IRESS 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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