It has been a reasonably mixed day on the markets today and at the close the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has edged higher by almost 0.2% to 5,303 points.
Four shares which have been going against the grain today and posting particularly strong declines are as follows:
Blackmores Limited (ASX: BKL) shares are down close to 4.5% to $118.76 despite no news out of the health products company. Its shares have been bouncing all over the place in recent weeks, with traders rather than investors appearing to have control. Although there are concerns over a slowdown in the first quarter, I feel this has been baked into the current share price. For that reason I would consider Blackmores a buy if you can handle a touch of volatility.
Saracen Mineral Holdings Limited (ASX: SAR) shares have dropped over 4% to $1.36. Most of Australia’s leading gold producers have dropped lower today even though the spot gold price has remained relatively stable at US$1,316 an ounce. Investors could be exiting their positions ahead of the Federal Reserve’s interest rate decision in a couple of days.
TPG Telecom Ltd (ASX: TPM) shares have plunged a massive 21.5% to $9.28 following the release of the telecommunication giant’s full year results. Higher capital expenditures and lower-than-expected growth forecasts appear to have spooked the market. Personally I would see this sell off as a buying opportunity. At the current price I believe TPG Telecom represents a great buy and hold investment.
Wellard Ltd (ASX: WLD) shares were one of the big gainers yesterday, but today it is a very different story and its shares are lower by over 10% to 26 cents. Yesterday the agribusiness company’s shares rocketed higher by 24% to 29 cents following an announcement that its CEO Mauro Balzarini had sold close to half of his shares to Chinese company Fulida in order to refinance his privately owned company. Today’s decline could be a result of profit taking from some investors.
These 3 stocks could be the next big movers in 2020
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
In this FREE STOCK REPORT, Scott just revealed what he believes are the 3 ASX stocks for the post COVID world that investors should buy right now while they still can. These stocks are trading at dirt-cheap prices and Scott thinks these could really go gangbusters as we move into ‘the new normal’.
*Returns as of 6/8/2020
Motley Fool contributor James Mickleboro has no position in any stocks mentioned. 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.
- Where should you invest your Wesfarmers (ASX:WES) dividends? – October 1, 2020 2:20pm
- Brokers name 3 ASX shares to buy right now – October 1, 2020 2:01pm
- The Zip (ASX:Z1P) share price crashed 33% lower in September – October 1, 2020 1:26pm