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ASX 200 up 1.8%: Big four banks jump higher, Flight Centre and Webjet rocket again

At lunch on Tuesday the S&P/ASX 200 Index (ASX: XJO) looks set to record another strong gain. The benchmark index is currently up 1.8% to 5,716 points.

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

Big four banks on form again.

The big four banks have continued their positive run and are playing a key role in the ASX 200’s charge higher. All four banks are trading notably higher at lunch as investors pile back into the sector. They appear to believe the banks have been oversold during the pandemic. The best performer in the group today is the Westpac Banking Corp (ASX: WBC) share price with a gain of almost 4%.

Coca Cola Amatil update.

The Coca-Cola Amatil Ltd (ASX: CCL) share price has recovered from a 4% decline and is pushing higher at lunch. This follows the release of a trading update at its annual general meeting this morning. That update revealed that total volume across the company during April declined by approximately 33% compared to the same period last year. And while its volumes have recovered slightly in May, Group Managing Director Alison Watkins warned that conditions could remain tough for a little while to come.

Travel shares taking off again.

Australian travel shares are taking off again on Tuesday. The likes of Flight Centre Travel Group Ltd (ASX: FLT) and Webjet Limited (ASX: WEB) have followed up particularly strong gains on Monday with more of the same today. At lunch the two travel bookers are up 10% and 9%, respectively. Investors appear excited at the prospect of travel markets recovering quicker than anticipated.

Best and worst ASX 200 performers.

The best performer on the ASX 200 on Tuesday has been the Smartgroup Corporation Ltd (ASX: SIQ) share price with a 12% gain. This morning analysts at Morgans upgraded the salary packaging company’s shares to an add rating with a $6.95 price target. The worst performer has been the Fortescue Metals Group Limited (ASX: FMG) share price with a decline of just over 1.5% after iron ore prices softened.

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Motley Fool contributor James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia owns shares of and has recommended Webjet Ltd. The Motley Fool Australia has recommended Flight Centre Travel Group 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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