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Market wraps 12th March 2020

Market Update - Paulina Peters

Currently the Australian share market is down 2.4%, that’s less than the expected 3.5% drop the futures expected and less than the drops around the world. The S&P500 in the US lost about 4.9%. While the oil price fell 4.8% as Saudi Aramco asked to raise output capacity. 

In terms of the ASX sectors, the sectors that are outperforming the market are the staples, financials, telcos and IT. There are pockets of green as bargain hunters snap up stocks, which is why CIMIC (ASX:CIM) is up 2%, Woolworths (ASX:WOW) up 1% and WiseTech Global (ASX:WTC) up 3.4%.