On Thursday the S&P/ASX 200 Index (ASX: XJO) followed the lead of U.S. markets and sank notably lower.
While the majority of ASX shares tumbled lower with the market, some fell more than most.
Three ASX 200 shares that hit multi-year lows are listed below. Here’s why they are down in the dumps:
Bank of Queensland Limited (ASX: BOQ)
The Bank of Queensland share price sank to a 20-year low of $4.51 on Thursday. Weakness in the banking sector, a dilutive capital raising, the deferral of its dividend, and a weak half year result have all weighed heavily on Bank of Queensland this year. In respect to its results, the regional bank posted half year cash earnings after tax of $151 million. This was down 10% on the prior corresponding period. Judging by its share price performance, investors appear to believe things will get worse before they get better because of the pandemic.
Orocobre Limited (ASX: ORE)
The Orocobre share price dropped to a multi-year low of $1.82 yesterday. This lithium miner has been sold off again this year due to weak prices of the battery making ingredient and the forced shutdown of its Argentinian operations during the pandemic. Unfortunately for Orocobre and its peers, many analysts believe that a recovery in the lithium price has been pushed back because of the crisis. This could mean another difficult 12 months for Orocobre.
Unibail-Rodamco-Westfield (ASX: URW)
The Unibail-Rodamco-Westfield share price tumbled to an all-time low of $3.65 on Thursday. This latest decline means the shopping centre operator’s shares have lost 68% of their value of the last 12 months. Unibail-Rodamco-Westfield’s shares have come under significant pressure during the pandemic because the majority of its shopping centres have been forced to close. In addition to this, it has warned that it is difficult to judge the impact on the contractual obligations of its retailers and to estimate the effect of any case-by-case support measures it may offer tenants.
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Motley Fool contributor James Mickleboro has no position in any of the 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 Scott Phillips.
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