Escalating fears of a toilet paper shortage have sent global sharemarkets into free fall.
$140 billion was wiped off the ASX 200 today.
“It was the worst day of trading since the GFC,” says CommSec’s Jason Taverner. “Panic buying of toilet paper has triggered widespread panic selling of shares across the board.”
Analysts say the stock market losses could continue for several days.
“There’s a lot of uncertainty around toilet paper supply,” says Jason Taverner. “Investors are taking their money out of shares and putting it into toilet paper.”
Shares in both Coles and Woolworths were down around 4% today, as shoppers shun the supermarkets, instead turning to the fast growing black market for toilet paper.
“Footage of shoppers brawling over toilet paper at Woolworths has really spooked investors,” says Taverner.
There was one sector which bucked the trend.
Share in all toilet paper manufacturers rose today.
The maker of Kleenex toilet paper Kimberly-Clarke was up 4.2%.