The S&P/ASX 200 Index (ASX: XJO) was very volatile this week due to the coronavirus.
If you just looked at last week's closing level and this week's closing level you'd see a 0.5% rise.
But it was a rollercoaster. On Monday the ASX 200 fell another 5.6%. Then consecutive days of gains saw the ASX 200 gain 12.5%. On Friday it dropped 5.3%. What a week!
What were some of the main highlights?
Buy now, play later business Afterpay Ltd (ASX: APT) saw its share price plunge to $8.90 on Monday, representing a fall of 78% from the February high. Over the rest of the week the Afterpay share price recovered 114.6% to $19.10.
The shares of Webjet Limited (ASX: WEB) and Flight Centre Travel Group Ltd (ASX: FLT) went into a trading halt to get a handle on the situation.
Sydney Airport Holdings Pty Ltd (ASX: SYD) gave another update.
Qantas Airways Limited (ASX: QAN) announced that it had gotten some more liquidity by securing just over $1 billion of debt funding.
Hearing aid business Cochlear Limited (ASX: COH) announced a capital raising to enhance its liquidity.
Retailers shut stores
In a deterioration of the situation for many different stakeholders, retailers have announced mass store closures whilst this is ongoing.
Premier Investments Limited (ASX: PMV) announced store closures, it's standing down employees and won't be paying rent.
Myer Holdings Ltd (ASX: MYR) was another to announce store closures.
Kathmandu Holdings Ltd (ASX: KMD) was another to announce store closures.
Adairs Ltd (ASX: ADH) was another to announce store closures.
Wage support is coming
Prime Minister Scott Morrison confirmed this morning that it is now looking at subsidising wages. More details will be announced by the government when things have been decided.
