The S&P/ASX 200 Index (ASX: XJO) just suffered its worst quarter since 1987.
How bad was the fall over the past three months? The ASX 200 dropped 24%. Ouch.
It wasn't just the worst quarter for over three decades. March was the worst month for the ASX 200 since October 1987 according to the AFR, it fell by 21.2% over the month.
The numbers would have been even worse had the market not risen by 11.7% since 23 March 2020.
Who were some of the biggest drags on the ASX in the quarter?
There was pain across many industries. The Commonwealth Bank of Australia (ASX: CBA) share price fell 23%. The BHP Group Ltd (ASX: BHP) share price fell 25.5%. The Macquarie Group Ltd (ASX: MQG) share price declined 38%. The Australia and New Zealand Banking Group (ASX: ANZ) share price declined 31%.
Some shares relating to travel have been smashed even harder. The Qantas Airways Limited (ASX: QAN) share price dropped 55% and the Sydney Airport Holdings Pty Ltd (ASX: SYD) share price declined 35%.
But it wasn't all bad.
A shining light
The CSL Limited (ASX: CSL) share price went up 7.6%. Who'd have thought that in the ASX's worst quarter for decades, one of the biggest shares would be a solid performer.
CSL share price finished at $296.68. Earlier today it had reached a share price of $324.81, so it was almost a very good quarter for CSL.
Where to in the June 2020 quarter?
Who knows? No-one knows. It took investors a while to come to terms with how much harm the coronavirus could cause to the western world. But a fall of 30% for the ASX is a pretty steep decline in such a short amount of time due to how fast most of the economy shut down.
The Australian government has thrown the economic sink at the problem with most people either eligible for welfare support or the 'jobkeeper' payment during this tough period.
If the closure of the Australian economy continues for longer than expected then investors may send share prices lower in the coming months. However, I think it's highly unlikely that the ASX 200 will drop another 20% in April, though it's certainly possible for the quarter.
What I do know is that the share prices are a lot lower than they were before and the Australian interest rate is the lowest it's ever been – making valuations very attractive. I've been buying shares in the past few weeks and I plan to keep investing.
