Key points
- The ASX 200 Index has dropped to an 8-month low point today
- The index is likely reacting to the latest quarterly consumer price index, which dropped this morning
- Dragging it lower are shares in household brands AMP, Westpac, and Harvey Norman
It's been a nightmare day so far for many S&P/ASX 200 Index (ASX: XJO) stocks. That can most certainly be felt by AMP Ltd (ASX: AMP), Westpac Banking Corp (ASX: WBC), and Harvey Norman Holdings Limited (ASX: HVN) – they've each seen their share price hit new 52-week lows.
At the time of writing, the ASX 200 has fallen an eye-watering 2.44% to sit under 7,000 points for the first time in 8 months.
Let's take a look at what's weighing on the index and which of its biggest names have dropped to their lowest point in at least a year.
Why is the ASX 200 tumbling on Tuesday?
The ASX 200 Index is suffering today after Australia's consumer price index rose to 3.5% over the 12 months to the December quarter, boosted by housing and transport costs.
The inflation measure has seemingly inspired the market to sell, with only a few ASX 200 shares recording notable gains at the time of writing. They include metal detector and electronic products company Codan Limited (ASX: CDA) and A2 Milk Company Ltd (ASX: A2M).
The index is being weighed down by shares in energy, financials, real estate investment trusts (REITs), and technology companies.
These ASX 200 shares have hit 12-month lows
Some of the ASX 200's biggest names are among the hardest hit today.
The AMP share price reached a new record low of 87 cents today. It's currently trading at 89.5 cents – 1.65% lower than its previous close.
For context, this time last year the financial services company's stock was swapping hands for $1.55.
Big banks also aren't immune to today's suffering. The Westpac share price hit a low of $20.09 in intraday trade – a new 52-week low. Right now, it's bounced back to $20.18, representing a 2.98% fall.
Finally, the Harvey Norman share price hit $4.70 today – the lowest this ASX share has been in more than a year. It has since gained back 10 cents to trade 2.04% lower than it was at the end of yesterday's session.
