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.
- 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.
- 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.
- 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.
