At lunch on Monday the S&P/ASX 200 Index (ASX: XJO) is on course to start the week on a very disappointing note. The benchmark index is down 7.5% to 4,452.5 points at the time of writing.
Here's what has been happening on the market today:
Bank shares sinking lower.
The big four banks have come under pressure on Monday and are giving back their end of week gains. The worst performer in the group is the National Australia Bank Ltd (ASX: NAB) share price with a sizeable 11.5% decline. Investors are still selling the banks despite the government's latest stimulus package.
Flight Centre update.
The Flight Centre Travel Group Ltd (ASX: FLT) share price has been suspended from trade on Monday. The travel company made the move whilst it develops a comprehensive response to the unprecedented travel and trading restrictions it faces. In addition, it is continuing discussions with key stakeholders on ways to manage the financial impacts. Flight Centre has also been forced to cancel its interim dividend to conserve cash.
JB Hi-Fi update.
The JB Hi-Fi Limited (ASX: JBH) share price is sinking 16% lower on Monday after the release of an update. Although the retailer revealed that its sales have continued to grow strongly calendar year to date, management acknowledged that there is uncertainty because of the coronavirus. As a result, it has withdrawn its previously announced FY 2020 sales and earnings guidance.
Best and worst performers.
The best performer on the ASX 200 on Monday has been the Newcrest Mining Limited (ASX: NCM) share price with a gain of 4.5%. Demand for safe haven assets appears to have been supporting its strong gain. The Southern Cross Media Group Ltd (ASX: SXL) share price is the worst performer on the index at lunch with a sizeable 38% decline. Investors have been selling media shares amid concerns that demand for advertising could fall dramatically.
