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.

Attention bank shareholders!

Fact: Australia's large banks had an incredible run in 2013. But some top analysts are saying the trend could stop dead! Get the inside scoop in The Motley Fool's brand-new FREE investment report, "What Every Bank Shareholder MUST Know."

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

Two New Stock Picks Every Month!

Not to alarm you, but you’re about to miss a very important event! Chief Investment Advisor Scott Phillips and his team at Motley Fool Share Advisor are about to reveal their latest official stock recommendation. The premium “buy alert” will be unveiled to members and you can be among the first to act on the tip.

Don’t let this opportunity pass you by – this is your chance to get in early!

Simply enter your email now to find out how you can get instant access.

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our Financial Services Guide (FSG) for more information.