The S&P/ASX 200 Index (ASX: XJO) is up strongly by 4% so far today, however our share market is now deeply into bear market territory as the coronavirus crisis worsens.
Whether or not we have hit the bottom of the current market slide, it is unclear, however it does appear quite likely that the current market volatility will continue for some time to come.
Here we examine 3 companies that have seen further falls in their share price today.
Fisher & Paykel Healthcare Corp Ltd (ASX: FPH)
Fisher & Paykel shares are down by 4.33% today, however this is on the back of positive share price gains over the past 5 days.
In fact, since the current share market slide began on 20 February, the company's share price is still in positive territory, whereas the wider market has fallen by over 30% (after a market gain of over 80% in the last 12 months).
Fisher & Paykel Healthcare specialises in the treatment of respiratory illnesses including sleep apnoea. The company has experienced higher than expected sales within its Hospital product segment after an increase in demand from China following the coronavirus outbreak. I believe that high demand is likely to continue over the next few months.
I would probably put the current reduction in its share price today down to a combination of market volatility and some profit taking after strong recent gains.
Woolworths Group Ltd (ASX: WOW)
Woolworths shares are down by 6.39% today and once again market volatility seems to be a large part of the reason. Like Fisher & Paykel, it has actually benefited from the coronavirus outbreak with a strong demand for its goods over the past few weeks, which has translated to a very resilient share price compared to most other companies.
Coles Group Ltd (ASX: COL) and Metcash Limited (ASX: MTS) are 2 other supermarket operators that have seen strong recent demand. With the coronavirus outbreak now looking to be around for at least a few more months, and more people possibly working from home and the possibility of schools closing, the high demand for Woolworths products looks set to continue.
Freedom Foods Group Ltd (ASX: FNP)
The Freedom Foods share price is down by 13.27% today, however this decline is on the back of a rise of 11% yesterday and 18% 2 days prior to that, so once again, some profit taking is most likely the cause of today's falls.
The Freedom Foods share price is slightly higher than it was when the market correction began on 20 February, as its range of foods have been in high demand recently.
