Trade at the start of the week saw sentiment boosted by the prospect of new cases reaching a peak, with new cases slowing in Italy, Chinese authorities reporting very few new domestic cases and US President Donald Trump saying deaths in America would peak in two weeks.

That started the rally that pushed the ASX to its biggest one-day gain in 40 years on Monday, with the federal government's $130 billion wage subsidy announcement driving the majority of gains.

By the end of the week, however, the risks associated with a second wave of cases added to the dire American labour market report.

"Most economic projections look sure to see many revisions in the weeks ahead, as perceptions of the coronavirus evolve," said Janus Henderson's head of multi-assets Paul O'Connor.

"Optimistic scenarios might focus on the trajectories that the infection took in China and South Korea, where the virus was contained in a couple of months."

But while Mr O'Connor said developments in Italy were also encouraging, the duration of the health crisis remains uncertain.

"Of course, it is not hard to find more pessimistic coronavirus developments. In China, for example, there is a clear risk of a second wave of infection, now that over 200 million migrant workers have travelled back to their places of employment," Mr O'Connor said.

Oil traders and twitter


Trade on Friday started off on a positive footing after Mr Trump tweeted that a possible agreement between Saudi Arabia and Russia to cut oil production was imminent.

The news led to the price of Brent crude spiking as much as 41.7 per cent overnight on Thursday before settling near $US29 a barrel.

That boosted local oil producers in trade on Friday. Despite the broader market falls, Oil Search rose 4.6 per cent to $2.73 and Karoon Energy gained 5.1 per cent to close at 51.5¢.

Other energy companies were among the top performers among the ASX 200 over the week. Beach Energy gained 21.1 per cent over the five sessions to close at $1.26, Santos closed 16.9 per cent higher at $3.98 and Woodside Petroleum recovered 16.75 per cent to end the week at $19.66.

Capital in, dividends out

Harvey Norman told investors on Thursday night it was cancelling its interim dividend, although it did not provide any detail on how sales have been impacted. It shares closed 1.8 per cent higher at $2.81.

Crown Resorts deferred a dividend that was to have been paid to shareholders on Friday while also scrapping franking credits that were to accompany the distribution.


With entertainment and gaming venues closed in Australia and overseas, Crown said the dividend was deferred for two weeks, but added it would be delayed further if necessary. The casino owner's shares closed 3.7 per cent lower on Friday at $7.49.

Crown's peer, StarCity Entertainment, meantime, issued a dire warning to shareholders. The group said it has capacity to last a few months in the current trading environment but added the impact of COVID-19 was not limited to short-term closures. It's shares fell 11.8 per cent to $1.69.

Kathmandu shares fell 22.45 per cent to 76¢ on Friday after being reinstated to trade for the first time since Monday following a heavily discounted capital raise.

Webjet also returned to the boards this week after trade in its shares were halted on March 18 pending a fresh capital injection.

Webjet locked in an additional $346 million in equity, which was priced at $1.70 per share, or less than half of its last dividend-adjusted close. The travel company ended the week at $2.71, or 0.7 per cent below its last close two weeks ago.

Among the other companies to secure fresh capital was IDP Education, which ended the week 16.55 per cent higher at $13.82, and NextDC, which rose 16.31 per cent to $9.20 over the five sessions.