The S&P/ASX 200 Index (ASX: XJO) fell by another 2.5% today to 5221 points as investors continue to be uncertain in the face of the coronavirus impacts.
Australia's infection numbers continue to be extremely low compared to other countries. Now the conversation is about how and when to start lifting certain restrictions.
Here are some of the main headlines from today:
Virgin Australia Holdings Ltd (ASX: VAH) enters administration
Australia's second largest airline has now officially entered administration after it couldn't secure a rescue package from investors or from governments.
Administrators from Deloitte have been chosen to try to find the best solution to ensure that Virgin Australia can carry on operating.
Several private equity names have been mentioned as potential suitors.
The Qantas Airways Limited (ASX: QAN) share price finished flat today, which was a decent performance considering the ASX 200 declined.
Nearmap Ltd (ASX: NEA) share price rises on update
At one point today the Nearmap share price was up almost 15%, but it finished up by 3.3%.
The aerial imaging business outlined a number of items. Pleasingly, it said it had not seen a material impact on current trading conditions and it's aiming to be cash flow break even by the end of FY20.
Most employees are taking a 20% pay cut and the board & CEO are taking a 25% pay cut. Wage reductions and other measures are part of a plan to reduce costs by around 30%.
Nearmap expects to be able to maintain a strong balance sheet without the need for additional capital.
Iron ore remains reliable
BHP Group Ltd (ASX: BHP) released its production update today. The iron ore price and Chinese demand remain resilient thankfully.
Diversification has helped BHP avoid the worst of the oil price hits seen elsewhere on the share market.
The BHP share price dropped 2.5% today in reaction to the update.
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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 Nearmap Ltd. 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.
