3 ASX stocks that were dumped yesterday

3 stocks slump by more than 5.5%

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The S&P / ASX 200 Index (Index: ^AXJO) (ASX: XJO) fell 0.3% yesterday, ending at 4,123.3, as the ASX recovery loses steam. Investors are sitting on the sidelines, with so much uncertainty surrounding Europe. At the moment, Europe looks like a dam with several leaks in it, as soon as one is plugged temporarily (Greece), another leak springs open (Spain). Which country will be next is anyone's guess.

These 3 stocks were all dumped by investors, falling by 5.5% or more.

Fairfax Media Limited (ASX: FXJ) slumped 8.5% to 59.5 cents, as the media company was all over the news (excuse the pun!). Deutsche Bank analysts assigned a value of zero to the company's Metro Publishing unit – which produces The Age and The Sydney Morning Herald. Citi analysts added, "The structural decline of print revenues is set to continue." Whether Fairfax can turn around its prospects remains to be seen, but it certainly has many obstacles to overcome.

Politicians were also in the news, citing fears that Gina Rinehart will breach editorial standards, if she gains control over Fairfax. Communications Minister Stephen Conroy even suggested that Ms Rinehart was going to turn the company into 'the mining gazette'.

APN News & Media Limited (ASX: APN) saw its share price fall 7.2% to close at 70.5 cents, as investors showed concerns about the media & publishing company's future. APN produces 20 daily and more than 100 non-daily newspapers across Australia and New Zealand, as well as owning radio stations and the largest outdoor advertising business in Australasia. Despite generating revenues of more than $1bn in 2011, the company still posted a loss of $45.1m, as it was forced to write down the value of its intangible assets.

Bathurst Resources Ltd (ASX: BTU) fell 5.5% to 43 cents, with investors concerned about the outcome of hearings set for October this year, sought by environmental groups opposed to coal mining on New Zealand's Denniston Plateau. The company has acknowledged that parts of the plateau are environmentally significant, but have argued that much of the area has already been heavily modified thanks to mining on the plateau for more than a century. Fears over the outcome are likely to weigh on the company's shares until October.

Other losers included Energy World Corporation (ASX: EWC) down 4.2% to 34 cents and Sundance Resources (ASX: SDL) down 4.1% to 35 cents.

If you're in the market for some less risky, high yielding ASX shares, look no further than Secure Your Future with 3 Rock-Solid Dividend Stocks. In this free report, we've put together our best ideas for investors who are looking for solid companies with high dividends and good growth potential. Click here now to find out the names of our three favourite income ideas. But hurry – the report is free for only a limited time.

More reading

Motley Fool contributor Mike King doesn't own shares in any companies mentioned. The Motley Fool's purpose is to help the world invest, better. Take Stock is The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. Click here now to request your free subscription, whilst it's still available. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on ⏸️ Investing

A white and black robot in the form of a human being stands in front of a green graphic holding a laptop and discussing robotics and automation ASX shares
Technology Shares

Joining the revolution: How I'd invest in ASX AI shares right now

Advances in artificial intelligence (AI) could usher in a new industrial revolution. Here’s how you can invest in it.

Read more »

Close up of baby looking puzzled
Retail Shares

What has happened to the Baby Bunting (ASX:BBN) share price this year?

It's been a volatile year so far for the Aussie nursery retailer. We take a closer look

Read more »

woman holds sign saying 'we need change' at climate change protest

3 ASX ETFs that invest in companies fighting climate change

If you want to shift some of your investments into more ethical companies, exchange-traded funds can offer a good option

Read more »

a jewellery store attendant stands at a cabinet displaying opulent necklaces and earrings featuring diamonds and precious stones.
⏸️ Investing

The Michael Hill (ASX: MHJ) share price poised for growth

Investors will be keeping an eye on the Michael Hill International Limited (ASX: MHJ) share price today. The keen interest…

Read more »

ASX shares buy unstoppable asx share price represented by man in superman cape pointing skyward
⏸️ Investing

The Atomos (ASX:AMS) share price is up 15% in a week

The Atomos (ASX: AMS) share price has surged 15% this week. Let's look at what's ahead as the company build…

Read more »

Two people in suits arm wrestle on a black and white chess board.
Retail Shares

How does the Temple & Webster (ASX:TPW) share price stack up against Nick Scali (ASX:NCK)?

How does the Temple & Webster (ASX: TPW) share price stack up against rival furniture retailer Nick Scali Limited (ASX:…

Read more »

A medical researcher works on a bichip, indicating share price movement in ASX tech companies
Healthcare Shares

The Aroa (ASX:ARX) share price has surged 60% since its IPO

The Aroa (ASX:ARX) share price has surged 60% since the Polynovo (ASX: PNV) competitor listed on the ASX in July.…

Read more »

asx investor daydreaming about US shares
⏸️ How to Invest

How to buy US shares from Australia right now

If you have been wondering how to buy US shares from Australia to gain exposure from the highly topical market,…

Read more »