At the market close the benchmark S&P/ASX 200 index was down 270.60 points or 5.62 percent at 4546.00, while the broader All Ordinaries index was down 290.20 or 5.98 percent at 4564.10.
“ the Aussie market is trading around the lowest levels since December 2012 as investors react to coronavirus updates including stricter new social distancing rules and the continued increase in confirmed cases across Australia.” Commsec market analyst James Tao said.
Pubs, churches, cinemas, indoor sports venues including gyms and casinos are required to close across the country from midday on Monday as Australia moves towards a national shutdown of non-essential services to limit the spread of coronavirus.
Several states and territories have decided to close borders and to impose a 14-day quarantine period on any non-essential visitors.
A major drag on the market was the performance of the big four banks, continuing their recent trend lower, with the ANZ down (11.99 percent),National Australia Bank down (11.37 percent), the Commonwealth Bank down (9.43 percent) and Westpack down (10.59 percent).
Another fall in oil prices saw the energy sector lose 7.5 percent, with Oil search down(19.66 percent), Woodside Petroleum down(4.56 percent) and Santos down (4.26 percent).
Mining stocks were mixed with Rio Tinto down (4.01 percent), Fortescue Metals down (7.73percent). However, BHP was up (0.07 percent).
The only sector to improve was healthcare, with biotechnology company CSL Ltd up (4.19 percent), medical diagnostics and pathology firm, Sonic Healthcare up (6.32 percent). Gold miners were also stronger with Newcrest Mining up (4.55 percent).
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