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Highlights
On Tuesday, the ASX 200 index fell 1% to 7,211.2 points.
The ASX 300 closed down 0.99%.
As a result, the day saw several shares hitting their 12-month lows.
The Australian share market traded on a weak note on Tuesday and ended in the red, weighed down by tech, banks, and telecommunications. The ASX 200 index fell 1% to 7,211.2 points yesterday. The worst-performing sectors were tech (-1.9%), financials (-1.6%) and telecommunications (-1.1%).
Even positive news around China's plans to ease COVID-19 curbs was overshadowed by broader investor concerns about a global inflation shock. The ASX 300 closed down 0.99%. As a result, the day saw several of its shares hitting their 12-month lows.
On this note, let’s discuss why these three ASX 300 shares hit their respective 52-week lows on Tuesday:
Nine Entertainment Co Holdings Ltd (ASX:NEC)
Nine Entertainment is an Australian publicly listed media company with holdings in radio and television broadcasting, newspaper publications and digital media.
The share price of Nine Entertainment hit a 52-week low of AU$2.17 on Tuesday, the lowest the share has traded since 2020. The stock closed the day at AU$2.20, down 3.08%.
The stock has been caught in a continued sell-off for the past two months. Earlier last month, the media company posted record quarterly results. In the March quarter, the company’s revenue hit AU$2.49 billion, which is 7% more than the previous corresponding period. However, the normalised revenue growth rate was just 6%.
Centuria Capital Group (ASX:CNI)
Centuria Capital Group is an Australian investment manager, which is into marketing and managing investment products ranging from property investment funds to investment bonds.
The stock fell to a 52-week low of AU$2.19 on Tuesday. The stock closed the day at AU$2.22, down 0.89%.
However, the company had earlier announced that it had secured AU$223 million of healthcare and retail assets for its existing institutional partnerships.
oOh!Media Ltd (ASX:OML)
oOh!Media is an Australian outdoor advertising and media company. It is one of Australia's largest operators of out-of-home advertising products.
The stock fell to a 52-week low of AU$1.35 on Tuesday. The stock closed the day at AU$1.38, down 1.78%.
The stock has traded on a weak note despite registering a rebound from post COVID-19 fall in late 2020. The stock is down nearly 20% on a year-to-date (YTD) basis.
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