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ASX 200 down 0.2%: Big four banks lower and TPG announces demerger plans

At lunch on Wednesday the S&P/ASX 200 Index (ASX: XJO) is off its lows for the day, but still trading slightly lower. The benchmark index is down 0.2% to 5,547.8 points.

Here’s what is happening on the market today:

Big four banks tumble.

The big four banks have given back some of yesterday’s strong gains and are acting as a drag on the ASX 200 on Wednesday. The worst performer in the group today is the Westpac Banking Corp (ASX: WBC) share price with a decline of 0.5%.

Sydney Airport update

The Sydney Airport Holdings Pty Ltd (ASX: SYD) share price is trading a fraction higher at lunch after the release of its April update. The airport operator revealed that Domestic passengers fell 97.9% and International passengers fell 96.9% in April. Management warned that the downturn in passenger traffic is expected to persist until government travel restrictions are eased.

TPG share price higher on update.

The TPG Telecom Ltd (ASX: TPM) share price is storming higher today after revealing its future business plans. Following FIRB approval for its merger with Vodafone Australia, the company has revealed that it intends to demerge its Singapore business. It will then be listed on the ASX has a separate entity. TPG also revealed plans to pay a fully franked cash special dividend.

Best and worst ASX 200 performers.

The EML Payments Ltd (ASX: EML) share price is the best performer on the ASX 200 on Wednesday with a 13% gain. This follows the release of a business update this morning which impressed investors. The worst performer is the Unibail-Rodamco-Westfield (ASX: URW) share price with a 5% decline. Investors continue to sell the shopping centre operator’s shares due to the headwinds it is facing from the pandemic.

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James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Emerchants Limited. The Motley Fool Australia has recommended Emerchants 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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