Australia’s share market plunges more than 7 per cent after all stock exchange employees are told to stay at home amid coronavirus
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Australia’s share market plunges more than 7 per cent after stock exchange employees are told to stay at home following a coronavirus diagnosis.
The benchmark S&P/ASX200 shed $123billion within the opening minutes of trade.
The Australian Securities Exchange had another bad start after a staff member was confirmed to be sick with coronavirus – forcing almost all employees to work from home.
This caused the index to plummet by 7.4 per cent by 10.12am, Sydney time, with the share market now 29 per cent weaker since peaking just three weeks ago, on February 20.
CMC Markets chief market strategist Michael McCarthy said the decision of the American and New Zealand central banks to cut interest rates to levels close to zero spooked investors.
‘It’s been taken as a signal that things are getting worse,’ he told Daily Mail Australia on Monday morning.