Why Westpac (ASX:WBC) and these other ASX shares are trading at 52-week lows

These recognisable shares are trading at their lowest price since this time last year.
The post Why Westpac (ASX:WBC) and these other ASX shares are trading at 52-week lows appeared first on The Motley Fool Australia. –

Key points

The ASX 200 Index has dropped to an 8-month low point today
The index is likely reacting to the latest quarterly consumer price index, which dropped this morning
Dragging it lower are shares in household brands AMP, Westpac, and Harvey Norman

It’s been a nightmare day so far for many S&P/ASX 200 Index (ASX: XJO) stocks. That can most certainly be felt by AMP Ltd (ASX: AMP), Westpac Banking Corp (ASX: WBC), and Harvey Norman Holdings Limited (ASX: HVN) – they’ve each seen their share price hit new 52-week lows.

At the time of writing, the ASX 200 has fallen an eye-watering 2.44% to sit under 7,000 points for the first time in 8 months.

Let’s take a look at what’s weighing on the index and which of its biggest names have dropped to their lowest point in at least a year.

Why is the ASX 200 tumbling on Tuesday?

The ASX 200 Index is suffering today after Australia’s consumer price index rose to 3.5% over the 12 months to the December quarter, boosted by housing and transport costs.

The inflation measure has seemingly inspired the market to sell, with only a few ASX 200 shares recording notable gains at the time of writing. They include metal detector and electronic products company Codan Limited (ASX: CDA) and A2 Milk Company Ltd (ASX: A2M).

The index is being weighed down by shares in energy, financials, real estate investment trusts (REITs), and technology companies.

These ASX 200 shares have hit 12-month lows

Some of the ASX 200’s biggest names are among the hardest hit today.

The AMP share price reached a new record low of 87 cents today. It’s currently trading at 89.5 cents ­– 1.65% lower than its previous close.

For context, this time last year the financial services company’s stock was swapping hands for $1.55.

Big banks also aren’t immune to today’s suffering. The Westpac share price hit a low of $20.09 in intraday trade ­– a new 52-week low. Right now, it’s bounced back to $20.18, representing a 2.98% fall.

Finally, the Harvey Norman share price hit $4.70 today ­– the lowest this ASX share has been in more than a year. It has since gained back 10 cents to trade 2.04% lower than it was at the end of yesterday’s session.

The post Why Westpac (ASX:WBC) and these other ASX shares are trading at 52-week lows appeared first on The Motley Fool Australia.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

*Returns as of January 12th 2022

More reading

Is value finally emerging in the AMP (ASX:AMP) share price?

What’s happening to ASX bank shares today?

Here’s when Westpac (ASX:WBC) expects the RBA to raise the cash rate

2 buy-rated ASX 200 dividend shares with great yields

Westpac (ASX:WBC) share price in focus after raising loan interest rates again

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns and has recommended Harvey Norman Holdings Ltd. The Motley Fool Australia has recommended A2 Milk and Westpac Banking Corporation. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

  • This field is for validation purposes and should be left unchanged.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US & HK* Trades. Click Here!