“They were the ones being favoured by the new retail investors and they’re now seeing the V-shaped recovery isn’t likely to occur, especially if the borders are shut.”

Qantas shares fell 4.1 per cent to $4.19, Webjet slid 5 per cent to $3.78, Corporate Travel Management dropped 8 per cent to $11.03 and Flight Centre closed the session 4.1 per cent lower at $13.05.

NSW Deputy Premier John Barilaro said on Monday the state would discuss “managing” the number of people coming in from Victoria, throwing doubts on the speed of the resumption of interstate domestic travel and tourism.

Leo Barry avoided travel stocks in the recent market rally. Paul Jeffers

“We avoided all the travel stocks in the recent rally,” said Fairview Equity Partners portfolio

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