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Another horror coronavirus week: ASX 200 drops 13%

ASX 200 News

The S&P/ASX 200 Index (ASX: XJO) dropped 13% after another painful week after the coronavirus caused more falls.

The number of infections & deaths continues to increase and more countries are telling most businesses to close and citizens to stay indoors where possible.

There were a number of things that happened this week:

Travel companies need support

A number of businesses have needed to make some major announcements.

Webjet Limited (ASX: WEB) shares went into a trading halt so that it could do a capital raising.

The government announced a $715 million package to help Australian airlines Qantas Airways Limited (ASX: QAN) and Virgin Australia Holdings Ltd (ASX: VAH).

And a bailout was announced for Air New Zealand Limited (ASX: AIZ) which caused the share price to drop 36.3%.

Some companies have actually upgraded their guidance

Not many companies are having a good time because of the coronavirus impacts. But some companies are doing well:

Electronic donation business Pushpay Holdings Ltd (ASX: PPH) upgraded its guidance with more churches communicating electronically and more members of the congregation are donating digitally.

Healthcare business Fisher & Paykel Healthcare Corp Ltd (ASX: FPH) also upgraded its guidance because its products are being used to help with coronavirus treatment.

But plenty of others have removed their guidance or gave an update:

Just on Friday alone:

The Sonic Healthcare Limited (ASX: SHL) share price dropped 12.6% on Friday after withdrawing its guidance.

The Credit Corp Group Limited (ASX: CCP) share price dropped 2.8% on Friday after withdrawing its guidance.

The Monash IVF Group Ltd (ASX: MVF) share price fell 15.7% on Friday after withdrawing its guidance.

The Telstra Corporation Ltd (ASX: TLS) share price dropped 6% after giving an update.

The Wesfarmers Ltd (ASX: WES) share price fell 4.6% after giving an update.

The Brickworks Limited (ASX: BKW) share price declined 3.2% after announcing it had to shut some of its US plants.

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Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended PUSHPAY FPO NZX, Telstra Limited, and Webjet Ltd. The Motley Fool Australia owns shares of Wesfarmers Limited. The Motley Fool Australia has recommended Brickworks and Sonic Healthcare Limited. 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.

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