Although the value of the ASX has bounced back over the past few days, a glance at the one-month price history chart shows a decline, mini-recovery, then decline sequence as the ASX200 declined from yearly highs of 5,650.
It's not just iron ore companies and the banks that have been affected, with a number of other corporations dragged down by global conditions or adverse events locally.
Oil producers like Senex Energy Ltd (ASX: SXY) and Beach Energy Ltd (ASX: BPT) have been smashed by a combination of booming US oil production and a refusal of OPEC to cut production to support prices.
With Senex falling 28.3% in the past 52-weeks to trade at $0.465, investors are being offered a prime opportunity to buy into one of the ASX's most promising junior oil producers.
Senex has the largest exploration acreage in Australia's Cooper Basin and also enjoys low production costs of around $15 a barrel.
With management aiming to roughly triple the size of the company without acquisitions and capital raisings by 2018, investors could be buying into one of the most exciting companies of the next few years.
I personally think management's FY18 goal is too ambitious, but as they say; 'if you shoot for the moon and miss, at least you'll end up among the stars'.
JB Hi-Fi Limited (ASX: JBH) has continued its downward spiral over the past few weeks with investors leaving the consumer discretionary sector on fears JB Hi-Fi and competitors like Dick Smith Holdings Ltd (ASX: DSH) are overvalued.
Down 30.3% in the past year to $14.96, JB Hi-Fi has fallen considerably despite turning in solid results in its latest report and predicting further earnings improvement for 2015.
Only time will tell if the market's got this one right, but in the meantime I think JB has fallen as far as it is likely to go in the absence of any further bad news.
Finally Aurizon Holdings Ltd (ASX: AZJ) has seen a sharp decline in the value of its shareholdings after the Queensland Competition Authority (QCA) ruled that Aurizon could only earn a maximum of $4.02 billion in revenue from its coal rail network, well short of the $4.75b chased by the company.
Rulings by the QCA effectively cap the amount of money Aurizon can charge for the use of its network, thus limiting profits for shareholders. Aurizon last traded at $4.36, down 11% for the year.
While Aurizon is appealing the decision, a near 20% shortfall in targeted revenue provides a golden opportunity to get in at a discount for the long-term focussed investor.
I however am quite bearish on the future of Australia's coal mines which is the primary reason I will not be taking advantage of Aurizon's low prices.
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