The S&P/ASX 200 (INDEXASX: XJO) faced the worst day on the share market since the GFC as it fell over 7%.
To be precise, the index dropped 7.3% in one of the worst days in its history.
Just look at the past month for the ASX 200:
It wasn’t long ago that the ASX 200 was above 7,000 and now it’s at 5,760. It was almost a sea of red right from the opening bell.
Oil sees the worst falls
The share prices of businesses connected to oil production have been utterly smashed today.
The share price of Worley Ltd (ASX: WOR) declined 19.7%.
The share price of Beach Energy Ltd (ASX: BPT) tanked 19.4%.
Even the BHP Group Ltd (ASX: BHP) share price went down 14.4%.
Why the oil carnage? Well, the oil-producing countries of OPEC plus Russia couldn’t agree on a reduction of oil production. This led to a fall in the oil price by around 30% with Saudi Arabia cutting oil prices. Production is now a lot higher than demand.
Growth shares also suffer heavy declines
Oil shares weren’t the only ones to be sold off heavily. Almost every industry saw big declines.
Travel shares plunge again
The travel sector received another painful pummelling today with more disruptions to 2020 travel.
The Corporate Travel Management Ltd (ASX: CTD) share price dropped 12.4%.
The Webjet Limited (ASX: WEB) share price fell 17.2%.
The Flight Centre Travel Group Ltd (ASX: FLT) share price declined by 6.6%.
The Sydney Airport Holdings Pty Ltd (ASX: SYD) share price fell 8.8%.
Banks suffer major pain
Banks across the board suffered major selloffs. The Commonwealth Bank of Australia (ASX: CBA) share price dropped 6.5%, the Westpac Banking Corp (ASX: WBC) share price fell 8.6%, the National Australia Bank Ltd (ASX: NAB) share price dropped 8.5% and the Australia and New Zealand Banking Group (ASX: ANZ) fell 8.5%.
Even the smaller, regional banks suffered a painful selloff as investors headed for the exits.
Indications are that the US market will suffer a painful selloff on Monday, US time, as well.
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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 AFTERPAY T FPO and CSL Ltd. The Motley Fool Australia owns shares of National Australia Bank Limited and WiseTech Global. The Motley Fool Australia has recommended Kogan.com 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.