ASX 200 up 0.4%: Bank shares lower, Xero shares upgraded

Australia and New Zealand Banking GrpLtd (ASX:ANZ) and Xero Limited (ASX:XRO) shares are on the move on the ASX 200 on Tuesday…

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At lunch on Tuesday the S&P/ASX 200 Index (ASX: XJO) is on course to record its second successive day of gains. The benchmark index is currently up 0.4% to 6,779.8 points.

Here’s what has been happening on the market today:

Bank shares lower

The big four banks are out of favour today and trading lower. While all four banks are in the red and acting as a drag on the ASX 200, the worst performer has been the Australia and New Zealand Banking GrpLtd (ASX: ANZ) share price. Its shares are down 0.5% at the time of writing on no news.

Xero shares upgraded

The Xero Limited (ASX: XRO) share price is pushing higher on Tuesday thanks to a broker note out of Credit Suisse. According to the note, the broker has upgraded the business and accounting platform provider’s shares to an outperform rating with an improved price target of $136.00. Its analysts were pleased with its Planday acquisition. In addition to this, its research indicates that Xero has continued to deliver strong revenue growth in recent months.

Healthcare shares rise

The healthcare sector is outperforming on Tuesday and helping to drive the ASX 200 higher. Solid gains are being recorded by the likes of Healius Ltd (ASX: HLS), ResMed Inc (ASX: RMD), and Sonic Healthcare Limited (ASX: SHL). This has led to the S&P/ASX 200 Health Care index rising by over 0.85% so far today.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Tuesday has been the AGL Energy Limited (ASX: AGL) share price with a 5% gain. This is despite there being no news out of the energy company. The worst performer has been the Flight Centre Travel Group Ltd (ASX: FLT) share price with a 3.5% decline. A number of travel shares are tumbling lower today.

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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 Xero. The Motley Fool Australia has recommended Flight Centre Travel Group Limited, ResMed Inc., and Sonic Healthcare Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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