Why Westpac (ASX:WBC) and these other ASX shares are trading at 52-week lows

These recognisable shares are trading at their lowest price since this time last year.

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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.

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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns and has recommended Harvey Norman Holdings Ltd. The Motley Fool Australia has recommended A2 Milk and Westpac Banking Corporation. 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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