Collins Foods' (ASX:CKF) KFC close in-dining: Aus shares 3.6% lower at noon

Market Reports

by Ortenzia Borre

The Australian share market opened lower this morning and was tracking 3.6 per cent lower at noon, following continued economic uncertainty after Prime Minister Scott Morrison banned all indoor gatherings of 100 people or more. At a press conference this morning Mr Morrison said the legal enforcement of those measures are effective from today. The Prime Minister also banned Australians from travelling overseas indefinitely sending Qantas (ASX:QAN) shares tumbling over 10 per cent by noon.

The S&P/ASX 200 index is 189 points down at 5,104. On the futures market the SPI is 4 per cent lower. 

Company news

KFC have closed all in-dining room areas across the country in an effort to follow recent social distancing advice amid the current COVID-19 outbreak. Collins Foods’ (ASX:CKF) KFC restaurants will immediately shift their focus to take-away, drive-thru, and delivery saying customer’s will be able to continue purchasing through multiple contactless options, including their app, as well as home delivery services. The initiative follows last week’s incident where KFC was forced to close a Brisbane restaurant after an employee contracted the virus. Shares in Collins Foods (ASX:CKF) are currently 12.9 per cent lower at $3.77.

Best and worst performers

The best-performing sector is Utilities adding 2.3 per cent, while the worst performing sector is Info Tech shedding 6.4 per cent.

The best performing stock in the S&P/ASX 200 is Gold Road Resources (ASX:GOR) rising 18.5 per cent to $1.16, followed by shares in Saracen Minerals Holdings (ASX:SAR) and St Barbara (ASX:SMB).

The worst performing stock in the S&P/ASX 200 is Southern Cross Media (ASX:SXL) dropping 19.3 per cent to 35 cents, followed by shares in National Storage Reit (ASX:NSR) and Afterpay Touch (ASX:APT).

Commodities and the dollar

Gold is trading at US$1,534 an ounce.
Iron ore price is 0.4 per cent up at US$91.20.
Iron ore futures are pointing to a lift of 1.1 per cent.
One Australian dollar is buying 59.93US cents.