QuickFlix & Amber Technology Walloped As ASX Drops $55B

X

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.

3sixT GS24 EDM 728 x 90 px 02 QuickFlix & Amber Technology Walloped As ASX Drops $55B
728x90 Iconic QuickFlix & Amber Technology Walloped As ASX Drops $55B
hitachi banner 728x90 QuickFlix & Amber Technology Walloped As ASX Drops $55B
QUEEN 728x90 QuickFlix & Amber Technology Walloped As ASX Drops $55B
Aspire Vero Banner Intel CCF 728x90 QuickFlix & Amber Technology Walloped As ASX Drops $55B
TAX TIME 2024 Banner 728x90px QuickFlix & Amber Technology Walloped As ASX Drops $55B
Haier 728x90 1 QuickFlix & Amber Technology Walloped As ASX Drops $55B
728x90 QuickFlix & Amber Technology Walloped As ASX Drops $55B
728x90 QuickFlix & Amber Technology Walloped As ASX Drops $55B
Leaderboard 728x90 1 QuickFlix & Amber Technology Walloped As ASX Drops $55B


YOU MAY ALSO LIKE