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ASX 200 update: Big four banks tumble and Transurban’s traffic evaporates

At lunch on Thursday the S&P/ASX 200 Index (ASX: XJO) is on course to record a disappointing decline. The benchmark index is currently down 1.6% to 5,380.4 points.

Here’s what is happening on the market today:

Big four banks tumble lower.

Westpac Banking Corp (ASX: WBC) and the rest of the big four have taken a tumble on Thursday. All four are trading notably lower after U.S. banks were sold off overnight. The worst performer was the Bank of America share price which fell more than 6% on the back of disappointing earnings. Westpac’s shares have fallen hardest among the big four and are down 3.3% at the time of writing.

Crown and Star updates.

Casino and resorts operators Crown Resorts Ltd (ASX: CWN) and Star Entertainment Group Ltd (ASX: SGR) released updates this morning. Both companies revealed that they have gained funding to see them comfortably through the coronavirus pandemic. Crown also advised that it intends to pay its dividend to shareholders on Friday as planned.

Transurban’s traffic evaporates.

The Transurban Group (ASX: TCL) share price is dropping lower on Thursday after revealing that traffic on its toll roads has almost halved. According to the release, group traffic volumes for the week commencing March 29 were down 48%. One small positive is that the declines appear to have stopped. Traffic volumes were down 47% during the week commencing April 5.

Best and worst performers.

The best performer on the ASX 200 at lunch is the Mayne Pharma Group Ltd (ASX: MYX) share price with a 9% gain. This morning the pharmaceutical company announced that it has submitted a New Drug Application to the US FDA. It is seeking marketing authorisation for E4/DRSP, a combined oral contraceptive indicated for the prevention of pregnancy. The worst performer on the index has been the Corporate Travel Management Ltd (ASX: CTD) share price with a 10% decline. This is despite there being no news out of the corporate travel booker.

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Motley Fool contributor James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia owns shares of and has recommended Corporate Travel Management Limited, Crown Resorts Limited, and Transurban Group. 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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