Australia's share market has plunged again following three days of gains, smashing any incipient hopes that the bear market is finished.
Friday, 27th March, 2020
The ASX200 benchmark index gained two percent in early trade but then faded throughout the day to finish Friday down 270.9 points, or 5.3 points, to 4,824.4. The broader All Ordinaries index closed 261 points, or 5.08 per cent, at 4,874.2.
The US House of Representatives still has to vote on a $US2.2 trillion stimulus measure, while 3.3 million people have filed for unemployment benefits - six times the United States' previous record. Every sector was lower on Friday with real estate the worst hit, falling 8.7 percent as and Mirvac fell 10.1 percent and Goodman Group dropped 10.7 percent. Scentre Group dropped 12.5 percent as it and Premier Investments exchanged words over whether proper protocols were followed after two of Premier's workers were allegedly exposed to coronavirus-positive customers at one of Scentre's Brisbane malls a fortnight ago.
In the financial space, the big banks fell between six and seven percent. Commonwealth dropped 6.7 percent to $57.66, NAB fell 6.3 percent to $15.12, ANZ dropped 7.4 percent to $15.47 and Westpac fell 7.1 percent to $14.89. The mining sector dropped 4.9 percent as BHP fell 5.4 percent to $29.03, Rio Tinto dipped 2.7 percent to $85.78 and Fortescue Metals dropped 8.8 percent to $9.60.
Wesfarmers fell 7.3 percent to $32.25 and Woolworths dropped 5.3 percent to $34.80 after saying it was creating 20,000 new jobs to meet a surge in demand. Woodside Petroleum sagged 6.4 percent to $16.84 after saying it would cut spending by 50 percent and defer final investment decisions on a number of key projects.
The Australian dollar was buying over 61 US cents for the first time in eight days, trading at 61.06 US cents, up from 59.14 US cents as the market closed on Thursday.
|Equities / Fixed Interest||Close||Change||% Change|
|Currency||Close||Pts Change||% Change|
|$A vs $US||0.6085||0.0008||0.13|
|$A vs GBP||0.4975||
|$A vs EUR||
|$A vs YEN||66.10||-0.21||-0.31|
|$A vs $NZ||