3 S&P/ASX 200 shares getting crunched today

The S&P/ASX 200 (Index: ^AXJO)(ASX: XJO) is slumping — hard.

Miners, banks and our largest industrial stocks aren’t providing any relief either, with the S&P/ASX 20 (Index: ^AXTL) (ASX: XTL) down 1.7%.

Here are three of today’s biggest losers on the ASX.

  1. Magellan Financial Group Ltd (ASX: MFG) is down 7.6%. In addition to the general malaise engulfing share prices, Magellan released its monthly funds under management (FUM) update. At 30 November 2015, Magellan’s total FUM fell to $39,949 billion, from $40,488 billion a month earlier.
  2. Slater & Gordon Limited (ASX: SGH) was again hit hard today, falling 5.5% at midday. Slater & Gordon’s share price has come under intense selling pressure over the past six months on the back of an ASIC investigation, a huge acquisition in the UK, concerns over its cash flow, and regulatory changes. Today, Slater & Gordon’s share price falls culminated in S&P Dow Jones demoting the group from its illustrious ASX 100 index.
  3. The Australia and New Zealand Banking Group (ASX: ANZ) share price also took a tumble today, losing 2.8% of its value. ANZ is the only major Australian bank actively seeking to compete with regional banks in Asia. Since it launched the ‘Super Regional Strategy’ in 2008, the bank has had to contend with concerns from hoards of analysts which believe the bank should be focused on Australia and New Zealand markets.

Buy, Hold or Sell?

Each of the these companies are market leaders in their own right. However, at today’s prices, Magellan is the only company I’d consider adding to my portfolio. It’s one of the best fund management businesses in Australia and is leveraged to growth in international markets.

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Motley Fool writer/analyst Owen Raszkiewicz owns shares of Slater & Gordon.

Owen welcomes your feedback on Google plus (see below), LinkedIn or you can follow him on Twitter @ASXinvest.

Unless otherwise noted, the author does not have a position in any stocks mentioned by the author in the comments below. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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