At lunch on Friday the S&P/ASX 200 Index (ASX: XJO) has fallen heavily once again. The benchmark index is down 7.7% to 4,896.9 points at the time of writing.
Here's what is happening:
Banks crash lower.
It's hard to believe the big banks could go any lower, but they have. In fact, three of the four banks have made double-digit share price declines on Friday amid concerns over the economic impact of the coronavirus outbreak. The worst performer in the group is the Westpac Banking Corp (ASX: WBC) share price with a 12% decline. It was also hit with a class action this morning.
Flight Centre withdraws guidance.
The Flight Centre Travel Group Ltd (ASX: FLT) share price has crashed 18% lower after withdrawing its guidance for FY 2020. Management advised that total transaction value (TTV) trends were generally in line with expectations early in the second half, but the spread of the coronavirus and increased travel restrictions mean demand is softening significantly. It also notes that the timeframe for a recovery is unclear at this stage.
Corporate Travel Management suspends guidance.
The Corporate Travel Management Ltd (ASX: CTD) share price fell to a multi-year low of $7.74 on Friday. This follows an announcement out of the corporate travel specialist which reveals that it has suspended its FY 2020 guidance. Management blamed this on growing uncertainty in regards to the duration and severity of the coronavirus.
Best and worst performers.
The best performer on the ASX 200 on Friday has been the Fortescue Metals Group Limited (ASX: FMG) share price with a gain of 2.5%. This follows a relatively positive night of trade for iron ore prices. The worst performer on the index is the Challenger Ltd (ASX: CGF) share price with a decline of 18%. This is despite there being no news out of the annuities company.
