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ASX 200 falls over 2% again, coronavirus correction continues

Australian investors enter the weekend with the ASX 200 (INDEXASX: XJO) falling over 2% on the final day of the week.

How much did the ASX 200 fall over this week? Well it finished down 2.8% today to 6,216, which was a fall of 3.5% during the week. It’s down 13% over the past two weeks.  

Here are some of the highlights today:

Gold miners glitter

Last week gold miners didn’t provide the protection that most investors have come to expect. However today, finally, gold miners went up as the share market declined.

The leading ASX 200 performer was Saracen Mineral Holdings Limited (ASX: SAR), its share price climbed 6.2%. Another leader was the Gold Road Resources Ltd (ASX: GOR) share price which rose over 5%. Another top performer in the ASX 200 was Regis Resources Limited (ASX: RRL) – its share price went up 4%.

Painful share price falls again

Share price falls featured in several sectors. The oOh!Media Ltd (ASX: OML) share price is down 11%, the Avita Medical Ltd (ASX: AVH) share price went 11.5% into the red and the Virgin Money UK Plc (ASX: VUK) share price declined 10.6%.

Major ASX banks also suffered a painful sell-off. The Commonwealth Bank of Australia (ASX: CBA) share price fell 3.2%, the Westpac Banking Corp (ASX: WBC) share price fell 3.8%, the Australia and New Zealand Banking Group (ASX: ANZ) share price dropped 4.6% and the National Australia Bank Ltd (ASX: NAB) share price declined 5%.

Travel shares punished again

The market is punishing travel businesses heavily with concerns about the continuing decline in travellers. The Flight Centre Travel Group Ltd (ASX: FLT) share price fell 6.6%, the Webjet Limited (ASX: WEB) share price dropped 4.6%, the Sydney Airport Holdings Pty Ltd (ASX: SYD) share price fell 1.6%, the Corporate Travel Management Ltd (ASX: CTD) share price fell 4.7% and the Qantas Airways Limited (ASX: QAN) share price plunged 7.9%.

These 3 stocks could be the next big movers in 2020

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In this FREE STOCK REPORT, Scott just revealed what he believes are the 3 ASX stocks for the post COVID world that investors should buy right now while they still can. These stocks are trading at dirt-cheap prices and Scott thinks these could really go gangbusters as we move into ‘the new normal’.

*Returns as of 6/8/2020

Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Avita Medical Limited. The Motley Fool Australia owns shares of and has recommended Corporate Travel Management Limited, Flight Centre Travel Group Limited, and Sydney Airport Holdings Limited. The Motley Fool Australia owns shares of National Australia Bank Limited. The Motley Fool Australia has recommended oOh!Media Ltd and Webjet Ltd. 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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