The S&P/ASX 200 Index (ASX: XJO) dropped another 6.4% in what was another painful day for the Australian index. However, it rallied a little after the RBA said it would make an announcement tomorrow.
Australia was told that 100-person gatherings would no longer be allowed and that Aussies shouldn’t travel abroad.
Why did the market drop so hard?
There was widespread pain among the large blue chips, with most of them suffering falls of at least 5%.
The Australia and New Zealand Banking Group (ASX: ANZ) share price fell 9.7%, the Commonwealth Bank of Australia (ASX: CBA) share price dropped 5.5%, the CSL Limited (ASX: CSL) share price dropped 8.6%, the Macquarie Group Limited (ASX: MQG) share price fell almost 13%, the Westpac Banking Corp (ASX: WBC) share price dropped 7.8% and the Wesfarmers Ltd (ASX: WES) share price declined 9.9%.
Many companies withdrew guidance
Previous guidance become meaningless for plenty of companies. Some falls were:
Trading of Air New Zealand Limited (ASX: AIZ) shares was suspended so it could get a better grip on the situation.
There were some positives too
However, it wasn’t all doom and gloom today. There were quite a few updates that sent share prices higher.