Online Retail Hit By Pfizer’s Covid-19 Vaccine News

November 10, 2020 02:35 PM AEDT
Team Kalkine

Reports that pharmaceutical giant Pfizer may have successfully developed a Covid-19 vaccine lifted travel and banking stocks but made e-commerce companies tumble on the ASX.

Last week, the Australian government held 10 million doses of Pfizer’s vaccine candidate developed in association with BioNTech. The same product has now been shown to have more than 90% effectiveness at seven days after the second dose.

To this, investors dumped stocks in online retailers.

Kogan.Com Ltd (ASX:KGN) fell 16.151%, Temple & Webster Group Ltd (ASX:TPW) fell by 20.800%, MyDeal.com.au (ASX:MYD) fell by 10.070%, Redbubble Limited (ASX:RBL) tumbled 19.535% at AEDT 02:28 PM.

Besides, Buy-now-pay-later (BNPL) players that facilitated retail flexibility through the pandemic times, also incurred huge losses. Zip Co Limited (ASX:Z1P) went down 7.823% and Afterpay Limited (ASX:APT) dropped by 9.027%.

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