ASX 200 up 0.8%: Xero continues to slide, big four banks rise

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

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At lunch on Friday, the S&P/ASX 200 Index (ASX: XJO) has followed the lead of US markets and is pushing higher. The benchmark index is currently up 0.8% to 7,038.3 points.

Here’s what is happening on the market today:

Xero share price continues to slide

The Xero Limited (ASX: XRO) share price has continued its slide on Friday. Investors have been selling the cloud accounting platform provider’s shares since the release of its full year results on Thursday. Xero’s earnings and margin guidance fell well short of expectations, which is weighing on sentiment today. One broker that remains positive is Goldman Sachs. This morning the broker reiterated its buy rating and put a $151.00 price target on its shares.

Big four banks push higher

The big four banks are on form on Friday and are helping to drive the ASX 200 higher. The best performer in the group has been the Australia and New Zealand Banking GrpLtd (ASX: ANZ) share price with a gain of 1.2%. The banking giant’s shares are bouncing back after trading lower on Thursday due to going ex-dividend for its upcoming 60 cents per share interim dividend.

CSL trading lower

The CSL Limited (ASX: CSL) share price is edging lower today. This decline may have been driven by news that one of its US competitors’ fourth quarter results fell well short of expectations overnight. The Haemonetics share price crashed 13% after recording a 6% decline in revenue and a 33% decline in profit. Haemonetics is a leading blood and plasma collection services provider.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Friday has been the Chalice Mining Ltd (ASX: CHN) share price with a 6.5% gain. This is despite there being no news out of the gold explorer. The worst performer has been fellow gold explorer De Grey Mining Limited (ASX: DEG). The De Grey Mining share price is down 14%, also on no news. Investors could be switching out of one gold explorer and into the other.

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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 CSL Ltd. and Xero. The Motley Fool Australia has no position in any of the stocks mentioned. 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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