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ASX afternoon update: Tuesday’s best and worst

It’s been rough sailing for investors so far in 2014 with the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) dropping 3% in January and it hasn’t been the greatest start to February either. While the market lost a mere 2.1 points on Monday, over $20 billion of the market’s value has been wiped out today as the index plunged 75 points or 1.5%, taking many stocks down with it.

The losses have been widespread with Australia’s blue chips also feeling the pain. Mining giants BHP Billiton Limited (ASX: BHP) and Rio Tinto Limited (ASX: RIO) have fallen 1.9% each, while the major banks, namely Commonwealth Bank of Australia (ASX: CBA), Westpac Banking Corp (ASX: WBC), Australia and New Zealand Banking Group (ASX: ANZ) and National Australia Bank Ltd  (ASX: NAB), have fallen between 1.3% and 2.1%.

Here are today’s worst performing stocks so far:

  • Acrux Limited (ASX: ACR) has been the ASX 200’s worst stock, falling 25c or 10.8%
  • Mount Gibson Iron Limited (ASX: MGX) has plunged 5% or 5.3c
  • Flight Centre Travel Group Limited (ASX: FLT) dropped 5%
  • Horizon Oil Limited (ASX: HZN) conceded 4.8% to trade at 30c a share
  • Paladin Energy Ltd (ASX: PDN) has also fallen 4.7%

On a more optimistic note, here are some of the shares that haven’t fallen as heavily in today’s session:

  • Evolution Mining Limited (ASX: EVN) climbed 3.7c or just over 6%
  • Perseus Mining Limited (ASX: PRU) recognised a gain of 4.4%
  • REA Group Limited (ASX: REA) rose $1.70 to trade at $43.43 per share – a rise of 4.2%
  • Newcrest Mining Limited (ASX: NCM) continued its rally, adding another 3.8% and climbing back above the $10 a share mark (the gold miner has climbed over 20% since hitting January lows)
  • Kingsgate Consolidated Limited (ASX: KCN) rose 3.2% and is now trading at $1.12 per share

Foolish takeaway

The market hasn’t been friendly in recent weeks and short-term investors are feeling the pain. Long-term investors, on the other hand, should be excited about the stocks currently trading at fantastic discounts.

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Motley Fool contributor Ryan Newman does not own shares in any of the companies mentioned.

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