Amber Technology, Quickflix and David Jones have all seen their share value walloped as investors dump retailers and entertainment stocks for the safety of cash.
Amber Technology, Quickflix and David Jones have all seen their share value walloped as investors dump retailers and entertainment stocks for the safety of cash.
Earlier today the Australian share market dropped more than 5 per cent. At noon Quickflix had fallen 17.72% while Amber Technology the distributor of brands like Onkyo, Altec and Meridian fell 11.29%. Harvey Norman fell 4.75% while David Jones fell 6.74%.
The best performing stock for the second day running was JB Hi Fi whose stock only fell 2.25% following the reporting yesterday of their yearend results which revealed an 8.25% lift in sales and a 13% lift in profits.
The big drop in retail stocks followed Wall Street’s overnight sixth biggest points drop on record, as investors continued to dump riskier assets on fears the US is headed back into recession and after the US was stripped of its triple-A credit rating.
By late morning, the S&P/ASX 200 index had fallen 5.2 per cent 3765.5 in heavy trading after the benchmark index touched a new two-year low of 3865.8 earlier in the session.
It was estimated the ASX 200 had lost about $55 billion by late morning.
