3 shares I would buy following today's market meltdown

BHP Billiton Limited (ASX:BHP) shares are one of three that I would consider snapping up following today's market meltdown…

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One positive way of looking at the sea of red on the local share market today is that some quality shares are getting increasingly cheaper.

Three which I would consider buying after this sell off are listed below. Here's why I like them:

BHP Billiton Limited (ASX: BHP)

One of the key reasons for the market decline has been a booming U.S. economy causing inflation fears and concerns that rates will increase at a quicker rate. A booming economy is great news for a mining giant like BHP Billiton and is likely to support high prices for commodities. Considering BHP Billiton's shares were already trading on undemanding multiples prior to today, I think today's decline makes it even more appealing. Especially with its shares now providing a generous trailing fully franked 3.6% dividend, which I feel is likely to be increased significantly in FY 2018.

Ramsay Health Care Limited (ASX: RHC)

Another great option for investors is this private hospital operator after its 3% decline today. This has left its shares trading over 13% lower than their 52-week high and at a level which I think is attractive for investors willing to make a buy and hold investment. Thanks to growing healthcare demand as a result of ageing populations and increased chronic disease burden, I think Ramsay has a long runway for growth that should allow it to deliver above-average earnings growth for the foreseeable future.

Westpac Banking Corp (ASX: WBC)

The shares of Australia's oldest bank have fallen over 3% today and are trading within a fraction of the $30.00 mark. I think this is a great price for income investors to consider buying the bank's shares at today. Especially as at the current price Westpac's shares provide a market-beating trailing fully franked 6.2% dividend. This yield is hard to beat outside the banking sector unless you look towards lower quality businesses.

Motley Fool contributor James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia has recommended Ramsay Health Care Limited. 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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