By the end of the day’s trade on 21 April 2020 the sectors on ASX closed in the red zone and most of them dropped by more than 2%.
Benchmark index S&P/ASX 200 dropped by 2.46% and settled at 5,221.3, influenced by the economic and financial update provided by the Reserve Bank of Australia. Governor Philip Lowe highlighted on the immediate outlook of the economy as well as nature and speed of the recovery.
He pointed that national output would drop by ~10% 1H 2020 and most of this decline taking place in the June quarter. There might be a drop in the total hours worked in Australia by 20% over the 1H 2020 and unemployment is projected to be approx. 20% by June 2020.
Emerging companies, Information Technology, All Technology Indices were the worst performers for the day as the sectors dropped by more than 4%.
Let us look at the best and worst performing stocks for the day.