On Monday the ASX 200 was sent crashing to a two-year low of 5,549.3 points.
Unsurprisingly, with the market at this level there were a large number of shares trading at 52-week lows or worse.
Three blue chip shares that made this unwanted milestone are listed below. Are they in the bargain bin?
The Australia and New Zealand Banking Group (ASX: ANZ) share price dropped to a 52-week low of $24.68 on Monday after global banking shares were sold off. Australian banks have come under significant selling pressure this year due to the Royal Commission and concerns over falling house prices. While I don't expect investor sentiment to change overnight, I don't believe the banks will trade at these low levels for much longer. Especially given the low multiples they trade on and the generous dividend yields they provide. I would buy ANZ Bank's shares on its recent share price weakness.
The Carsales.Com Ltd (ASX: CAR) share price continued its slide and dropped to a 52-week low of $11.05. As well as coming under pressure over concerns that falling house prices will lead to a decline in car sales, news that Facebook is launching a competing service is Australia has also hit its share price. While I do have slight concerns over Facebook's entry into the market, I think Carsales' shares are attractively priced given its long term growth potential from its international operations.
The JB Hi-Fi Limited (ASX: JBH) share price dropped to a 52-week low of $21.99 on Monday. The retailer has come under pressure over the last 12 months due to concerns over the underperformance of The Good Guys business. Online competition and a cooling housing market are largely believed to be impacting its sales in FY 2019. The business posted same store sales growth of just 1% in the first quarter. Although it's not a share that I would ordinarily buy, at just 11x earnings it looks to be reasonable value.
