The market might be free falling but these ASX 200 shares are standing tall.
The post 3 ASX 200 shares holding up amidst today’s market crash appeared first on The Motley Fool Australia. –
The S&P/ASX 200 Index (ASX: XJO) is getting pummeled on Monday, down 2.22% to a 3-month low of 7,239.
Most sectors are in deep red, with the exception of the utilities sector.
Headlining today’s losses are the energy, materials and information technology sectors, with heavyweight names such as BHP Group Ltd (ASX: BHP), Fortescue Metals Group Limited (ASX: FMG), Afterpay Ltd (ASX: APT) and Xero Limited (ASX: XRO) down between 2.25% and 5.6%.
While the market has managed to pull a vast majority of ASX 200 shares in negative territory, here are the few that have managed to stand tall.
Ausnet Services Ltd (ASX: AST)
The Ausnet share price has had a little help staying afloat amidst today’s sharp selloff.
The company received an unsolicited, indicative and non-binding takeover offer from Brookfield Asset Management to acquire 100% of Ausnet at $2.50 per share.
As a result, the Ausnet share price jumped 17.93% to $2.34.
Interestingly, the S&P/ASX Utilities (INDEXASX: XUJ) is the only sector that was positive on Monday.
In addition to Ausnet’s booming share price, the broader utility sector is holding up well with large cap players such as Meridian Energy Ltd (ASX: MEZ), APA Group (ASX: APA) and Infratil Ltd (ASX: IFT) down just 0.20%, 0.28% and 1.27% respectively.
Endeavour Group Ltd (ASX: EDV)
The Endeavor share price is up 3.18% to $6.65 on no price-sensitive news.
Endeavour shares have struggled to grasp any upside following the release of its FY21 results on 26 August.
Wesfarmers Ltd (ASX: WES)
Investors seem to be holding onto their Wesfarmers shares despite the panic taking place across the ASX 200.
At the time of writing, the Wesfarmers share price has managed to eke out a gain of 0.09% to $57.33.
Wesfarmers has tumbled about 10% since the release of its FY21 results on 27 August.
The company cited similar challenges as Endeavour, with management warning that:
Given the impact of lockdowns in recent months and the prospect of continued trading restrictions, earnings in the Group’s retail businesses during the first half of the 2022 financial year may be below the prior corresponding period.
Despite a weaker near-term outlook, investors might have used its recent selloff as a buying opportunity following a significant uptick in volume last Thursday and Friday.
During the two days, a respective 2.92 million and 4.06 million shares traded hands compared to its 10-day average of around 2.1 million shares.
The post 3 ASX 200 shares holding up amidst today’s market crash appeared first on The Motley Fool Australia.
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Motley Fool contributor Kerry Sun has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Xero. The Motley Fool Australia owns shares of and has recommended Wesfarmers Limited and Xero. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.