Australian stock market: mayhem as ASX200 tumbles 9.7% on coronavirus fears - MW

Australia's share market fell 9.7% on Monday, the biggest single-day decline in decades for the standard ASX200 index, wiping out nearly four years of gains.

About 30% of Australian stock value was wiped out in less than a month due to a coronavirus-inspired panic sale, with the index peaking at 7162 on February 20, closing Monday at 5002. .

A market that is currently trading at last seen level in March 2016 was pulled down on Monday due to a collapse of entertainment, tourism and education stocks, but every sector shared pain.

Monday fall is the biggest since at least 1987 the second dark stock crash.

Both Star Entertainment and Crown Resorts casino groups had trouble after announcing they would close every second poker machine in their premises, with Star down 23.6% and Crown down 11.2%. The slot machine maker Aristocrat also fell into the free state, with its stock dropping more than 20%.

Other stocks suffering more than 20% crises, including travel website Webjet, education group G8 and operator KFC Collins Food, said the market was ordered to close stores in the Netherlands due to the Covid-19 translation.

Ooh Media, the outdoor advertising company and publisher of the youth website Junkee, collapsed even 20% after withdrawing its profit forecast because of the virus crisis.

Four of Australia's major banks - ANZ, Commonwealth, NAB and Westpac - all fell more than 10% although regulators said they were willing to provide relief from rules that could limit the ability to continue expanding credit. for a small business that was smashed by the crisis.

Virgin Australia, a small airline, fell 12.7% amid widespread speculation, denied by the company, that it would need to raise more money from its shareholders or restructure its debt.

After the market closed, the S&P rating agency downgraded the airline's credit rating from B + to B-, citing our opinion that the company's operating environment may be deteriorating. at a faster rate than Virgin Australia can take initiatives to protect cash creation and health balance. .

Air New Zealand, listed on the Australian exchange, stopped trading after it announced it would cut 85% of its international routes and lay off workers.

Qantas is down 5% relatively modest, but the fall on Monday means that since February 20, its stock price has halved.

Just three stocks in the top 200 commissions - Domino, Pizza, Telstra and Fisher & Paykel healthcare.

MW