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Highlights
- Australian markets have slipped further down to a three-month low by noon today (10 May).
- Energy and Materials are top losers, affected by slumped iron-ore and crude oil prices.
- The real estate sector being yesterday’s top loser, is widening losses further.
- Covered here is an insight into stocks from the affected sectors on the ASX 300 index.
The Australian market slipped 1.8% by noon today as fears of interest rate hikes, slumping oil and iron ore prices and China’s zero-COVID policy gripped investors. The representative ASX 200 index dropped to 6,758.2 points, the lowest since January. All sectors included in the index slipped into red with energy and materials. Iron ore and gold miners faced the maximum heat. The ASX 300 Index, a broader representative, including the top 300 companies from ASX, in terms of market capitalisation, also shed over 1.5% on its previous close.
In this backdrop, let us see through three noteworthy stocks on the ASX300 index. Mirvac Group (ASX:MGR), Mineral Resources Limited (ASX:MIN) and Washington H. Soul Pattinson and Company Limited (ASX:SOL).
Note- Share prices mentioned for all comparisons in the story are as of Tuesday noon, 10 May 2022.
Mirvac Group (ASX:MGR)
Mirvac Group hails from the real-estate sector. Today the real estate stocks on the ASX were down by 1.05%. However, by noon, Mirvac group was still in the green zone, about 0.93% higher than its previous close.
While there have been no new announcements on the ASX by Mirvac Group since last week, MGR share has lost around 6.03% over the last five trade days. The real-estate stocks recently remained hit by inflation worries and speculations around the changes in interest rates. As a result, despite delivering strong results in Q3-FY22, declared back in April, Mirvac group share price is down around 10.66% in a month.
On the ASX, Mirvac Group shares trade at a market capitalisation of AU$8.51 billion, in the 52-week price range of AU$2.13 to AU$3.18 each.
Mineral Resources Limited (ASX:MIN)
Next up is the mining infrastructure services provider, Mineral Resources Limited, from the materials sector. By noon today on the ASX, the materials sector was down about 2.7% and the second most beaten-down sector. Aligning to the sectoral trend, shares of MIN were also down by about 2.97%.
Despite any new announcements, MIN shares were trading about 2.98% lower at AU$52.13 a share at noon today.
In the last five days, MIN shares have lost over 7%. MinRes had also issued US$1.25 billion worth of Unsecured notes and the Q3-FY22 exploration activities report. Though the production numbers reported were higher, the share price of MinRes lost more than 12% in a month.
Mineral Resources Limited’s shares trade at a market capitalisation of AU$10.16 billion, trading in the range of AU$36.95 to AU$66.80 a share.
Washington H. Soul Pattinson and Company Limited (ASX:SOL)
Another noteworthy stock in Washington H. Soul Pattinson and Company Limited from the energy sector. Aligning to the energy sector, which was the top loser on the ASX by noon today, Washington H. Soul Pattinson shares lost around 2.62% on their yesterday’s price. While there are no new announcements by the company except for a few interest change notifications, the share seems to be losing on the iron ore price slump that has hit the market today. Over the last thirty days, SOL share price has lost more than 7%.
The company has a market capitalisation of AU$9.79 billion on the ASX, and its shares trade in the 52-week price range of AU$24.76 to AU$40.8 apiece.
Near term share price performance of the above three shares
Image Source © 2022 Kalkine Media®
Amongst the three shares discussed above, Mirvac Group has the highest annual dividend yield. However, since all the three stocks belong to different sectors, one cannot draw a direct comparison of their dividends.
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