The Australian share market tumbles in early trade, as concerns about the spread of the coronavirus outbreak rattle investors. BlueScope Steel says its China businesses will be heavily impacted.
Spot gold prices surged 1.3 per cent to $US1,665.11 an ounce and gold stocks rose on the ASX, led by Saracen Minerals , Resolute Mining and Newcrest Mining .
Shares in Reliance Worldwide nosedived 26 per cent after the plumbing and heating company downgraded its full-year profit guidance and warned of"particularly heightened" risks from coronavirus and Brexit negotiations. "Achievement of earnings within the guidance range is contingent on no further material deterioration in trading as a result of theses factors," the company said.Shares in BlueScope fell 6.9 per cent, after the steel producer revealed a 70 per cent fall in first-half profit to $185.8 million, as a fall in steel prices reduced underlying earnings.
The steelmaker said most employees in its China businesses have returned to work and no cases of coronavirus COVID-19 have been reported among staff, however its Hubei sales office remains shut. "As our BlueScope China businesses and their customer/supplier operations gradually return to normal levels during February, it is expected that February and March business performance will be heavily impacted," it said."Outside of China, we are aware of some impacts to our supply chains which, to date, have been mitigated. We continue to monitor the situation."
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