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.
