19:32

The Australian stock market surged 3.8% on Friday to open the last day of trade of one of the most turbulent weeks in the exchange’s history.

Share prices have been up and down - mostly down - all week as traders struggle to understand the lasting economic damage that will be wrought by the Covid-19 pandemic.

New Zealand flag carrier Air New Zealand, which is listed on the Australian exchange, resumes trade today after being suspended earlier this week while it negotiated a $900m bailout from the Kiwi government that could eventually nationalise the airline.

Nationalisation talk also continues to swirl around Australia’s two airlines, national carrier Qantas and challenger Virgin Australia.

On Thursday Qantas stood down 20,000 of its 30,000 strong workforce, prompting outrage from unions, and shut all international routes except for special flights to bring Australians home.

At least seven companies joined with those who have already decided that they can no longer predict the future due to the coronavirus crisis and withdrew profit guidance before the market opened.

The Australian corporate regulator said it will allow companies due to hold annual shareholder meetings during the pandemic to put them off by up to two months.