The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) ground lower today, towards 5,000 points, on the back of weak international markets overnight, which were spooked by geopolitical concerns out of North Korea and falling oil prices, and a government-imposed halt in Chinese share trading earlier today.
Amidst the general market malaise, however, these four ASX shares were among the worst performing.
Liquefied Natural Gas Ltd (ASX: LNG) – down 9%
Liquefied Natural Gas Ltd shares are heavily leveraged to the oil price and are unsurprisingly trading firmly lower today. Shares in the prospective North America-based LNG tolling facility owner have fallen 38% in the past month alone, as falling oil prices erode the feasibility of its planned multi-billion dollar LNG projects. Shares reached a high of $5 last year but now trade at just 70 cents.
BHP Billiton Limited (ASX: BHP) – down 4.3%
From the speculative to the diversified global giant BHP, no energy or resources shares have been immune to the recent commodity price rout. Shares of BHP, a leader in iron ore, oil, copper, coal and potash production, have fallen 42% over the past year, as investors continue to react to falling Chinese demand. Most recently, research by Bank of America analysts suggests BHP may even sell shares to raise capital for new investments.
Santos Ltd (ASX: STO) – down 7.12%
Following the theme of falling energy shares, Santos joined the fray despite no company-specific news being released by the oil and gas producer. Santos' share price has been hit particularly hard over the past year (down 56%) as investors small and large became concerned the group would have to sell shares or key assets to keep its balance sheet in good stead.
Fortescue Metals Group Limited (ASX: FMG) – down 5.62%
Fortescue Metals Group, Australia's third-largest iron ore miner, has been hit by the downturn in iron ore prices. Today is no exception. Despite no company-specific news, the company whose shares fetched over $12 before the Global Financial Crisis now trade for just $1.68. The miner is making inroads to lowering its break-even price and paying down debt.
