The Motley Fool

ASX share market infected: Down 10% this week, 3% today

The coronavirus has caused another sell-off today as investors headed for the exits.

The ASX 200 (ASX: XJO) dropped over 3% today and it’s down around 10% this week. The ASX has followed overseas share markets such as Japan, the US and Europe where broad declines are occurring. 

A sea of red

At one point today there was only one ASX share that was in the green, though by the end of the day there were a few pleasing increases.

At the red end of the ASX, the Harvey Norman Holdings Limited (ASX: HVN) share price fell 14% after reporting. The Gold Road Resources Ltd (ASX: GOR) share price dropped almost 14%. Shares like Idp Education Ltd (ASX: IEL) and WiseTech Global Ltd (ASX: WTC) both dropped almost 11%.

Even Afterpay Ltd (ASX: APT), which impressed yesterday, saw its share price plummet 9%.

Divestment softens market fall

Car dealership business AP Eagers Ltd (ASX: APE) announced yesterday that it would be selling its AHG Refrigerated Logistics business to Anchorage Capital Partners for $100 million on a debt and cash free basis.

It will reduce AP Eagers’ net debt by $95 million, though AP Eagers may receive additional future cash proceeds depending on financial outcomes at the time of an exit by Anchorage.

AP Eagers’ share price still declined by over 1% today as investors digested the news.  

Other reports

Reporting season is nearly over with some other shares reporting today such as Japara Healthcare Ltd (ASX: JHC) which dropped 1.6% on further profit falls and the Resolute Mining Limited (ASX: RSG) share price dropped over 10% after reporting a net loss. There was one share within the ASX 200 that achieved an impressive 6.3% rise, which was Nextdc Ltd (ASX: NXT) after releasing its result

The Motley Fool AU Announces a top income share with a juicy dividend yield

Income-seeking investors like you won’t want to miss out on this timely opportunity… Here’s your chance to discover exactly what has got our dividend expert analyst all fired up about this under the radar business that’s currently throwing off gobs of cash!

But here’s the really exciting part…

This stock’s earnings are growing gangbusters, they recently reported an almost 40% growth in operating earnings, and when you find dividend stocks with that sort of growth, you know you’re potentially holding a dividend machine in your hands.

Our analyst expects that the industry tailwinds behind this business could be practically gale-force, meaning if all goes to plan, this stock could continue to deliver increasing dividends at a strong growth rate, not to mention potentially huge capital appreciation.

With shares still changing hands at what he believes is a good valuation, now could be the ideal time for patient, income-seeking investors to start building a long-term holding.

Click here now to access this free report.

— and we’ll tell you the name of this Top Income Share… free of charge!

As of 13/2/20

Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of WiseTech Global. 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.

FREE REPORT: Five Cheap and Good Stocks to Buy now…

Our Motley Fool experts have FREE report, detailing 5 dirt cheap shares that you can buy today.

One stock is an Australian internet darling with a rock solid reputation and an exciting new business line that promises years (or even decades) of growth… while trading at an ultra-low price…

Another is a diversified conglomerate trading near a 52-week low all while offering a 2.7% fully franked yield…

Plus 3 more cheap bets that could position you to profit over the next 12 months!

See for yourself now. Simply click the link below to scoop up your FREE copy and discover all 5 shares. But you will want to hurry – this free report is available for a brief time only.