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.

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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%, (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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