The S&P/ASX 200 Index (ASX: XJO) has moved into positive territory again today, after a week of highly volatile trading last week as the coronavirus crisis deepens.
Despite the market uptick, these 3 ASX 200 shares have seen further falls today.
Caltex Australia Limited (ASX: CTX)
The share price of Caltex has fallen 1.97% today at the time of writing, following volatile trading over the past few weeks.
Oil prices have hit record lows in recent weeks as a price war between Saudi Arabia and Russia has created an oversupply. On the other hand, social distancing, country lock downs, and travel and industry restrictions have seen a sharp fall in the demand for oil.
Caltex recently announced that it estimates that jet fuel demand is likely to be around 80% to 90% lower while flight cancellations are in place. Caltex is also closely monitoring the impact on its Australian gasoline and diesel markets in light of the increasing restrictions on travel movements in Australia.
These restrictions are only likely to have an increased impact over the next few months, following the Australian Prime Minister's announcement yesterday that Australians should only leave their home for essential outings.
Sydney Airport Holdings Pty Ltd (ASX: SYD)
The share price of Sydney Airport has fallen by 1.82% today at the time of writing, however this decline does come on the back of some strong gains last week.
As announced by the Australian government over the past couple of days, all returning international passengers are now being required to undertake mandatory self isolation in hotels for 2 weeks before returning home. Instead of being met by friends and family at the airport, returning passengers are being escorted by police to awaiting buses.
Our international borders will be soon be virtually sealed off apart from the occasional chartered flight, and domestic air travel is also grinding to halt, seeing a dramatic reduction in numbers at Sydney Airport.
Washington H. Soul Pattinson and Co. Ltd (ASX: SOL)
The Soul Patts share price has dropped by 4.59% at the time of writing, however the company has fared better than most since the sharp ASX correction began on 20 February, with its share price only declining from $22.58 to $17.26 during that time.
The company's defensive style of management, along with its strong balance sheet and diversification across a broad range of industries, has shielded it to some extent from heavy share price falls.
Soul Patts recently reported a 33% decline in net profits to $124.7 million, as its investment New Hope Corporation Limited (ASX: NHC) saw a decline in coal prices, TPG Telecom Ltd (ASX: TPM) was subject to weaker NBN margins, and Brickworks Limited (ASX: BKW) saw a decline in business activity. On a positive note, the company was still able to increase its interim dividend by 4.2% to a fully franked 25 cents per share.
