ASX 200 plunges another 9.7%

The S&P/ASX 200 Index (ASX:XJO) just dropped another 9.7% today after plunging falling heavily in the afternoon.

Tristan Harrison

Author Bio Tristan Harrison has a decade of experience as an ASX share investment writer and was previously a business, tax and audit accountant for seven years. Tristan has contributed to The Motley Fool since October 2016. He has an advanced diploma from the Association of Accounting Technicians and is currently enrolled in the Chartered Institute Management Accountant (CIMA) program. Tristan's goal is to help Australians learn about great ASX shares that can help grow their portfolio, wealth and dividends over the long-term. Areas of Expertise ASX dividend shares and passive income strategies ASX growth shares and ETFs Business and company financial analysis Franking credits and personal tax topics Personal finance Education Advanced diploma from the Association of Accounting Technicians Enrolled in the Chartered Institute Management Accountant (CIMA) program Social Media X/Twitter Favorite Investment Quote "Live within your income and save so that you can invest." — Charlie Munger

Published March 16, 2020 5:03 pm AEDT

The S&P/ASX 200 Index (ASX: XJO) finished the day down 9.7% after another painful day for the share market.

It was another heavy hitting day despite the US Federal Reserve announcing it was cutting interest rates as well as putting some heavy money into quantitative easing.

Here are some of the highlights from the day:

Bank share prices crushed again

The major banks felt a lot of pain today. Investors are very fearful of financial contagion because of the economic hit that the coronavirus is already having on various industries.

The Commonwealth Bank of Australia (ASX: CBA) share price fell 10.1%.

The Westpac Banking Corp (ASX: WBC) share price dropped 11.8%.

The National Australia Bank Ltd (ASX: NAB) share price declined by 12.4%.

The Australia and New Zealand Banking Group (ASX: ANZ) share price dropped 12.5%.

Everything else was smashed too

Various shares fell more than 20% today including Star Entertainment Group Ltd (ASX: SGR), Collins Foods Ltd (ASX: CKF), Webjet Limited (ASX: WEB), G8 Education Ltd (ASX: GEM) and Aristocrat Leisure Limited (ASX: ALL).

That was just the worst five performers in the ASX 200.

There were plenty of shares that withdrew their guidance because of the coronavirus. That included Cochlear Limited (ASX: COH) which saw its share price fall 19.25%.

Even shares like CSL Limited (ASX: CSL) and Goodman Group (ASX: GMG) suffered a share price fall of over 10%.

Supermarkets to the rescue

Both Woolworths Group Ltd (ASX: WOW) and Coles Group Limited (ASX: COL) announced that for the first hour of trading they would allow the elderly and disabled to do their shopping and make sure they get the items they need.

Woolworths will also be shutting its stores by 8pm so that staff can properly restock the store. Coles will hire thousands of extra casual staff to cope with the demand.

The plucky three risers

Within the ASX 200 there were only three shares to register a gain today. They were:

The share price of Fisher & Paykel Healthcare Corp Ltd (ASX: FPH) which rose 4.2%.

The share price of Telstra Corporation Ltd (ASX: TLS) which rose 1.8%.

The share price of Domino's Pizza Enterprises Ltd. (ASX: DMP) which gained 0.2% after giving a coronavirus update.

Automatic Renewal

By taking up this offer, you will also be enrolled in our auto-renewal program, which is our way of making your ongoing subscription easier by ensuring uninterrupted service. Don't worry, though – you're not locked in, and can cancel your auto-renewal at any time before each 'anniversary' date without question or penalty.