Almost 25% of the ASX 200 hit a fresh 52-week low in the past week
Even defensive darlings like CSL, Transurban, Coles and Telstra have all slumped to 52-week lows.
Source: iStock
Mentioned
KEY POINTS
- Almost a quarter of ASX 200 companies have hit fresh 52-week lows in the past week, indicating extremely low breadth and concentration towards underperforming sectors like Real Estate, Materials and Industrials
- The number of REITs falling to 52-week lows has accelerated in recent weeks due to the unrelenting yield backup in the US
- Even darling stocks with defensive earnings like Amcor, CSL, Transurban, Coles and Telstra have slumped to 52-week lows
Welcome back to the 52-week Series – A recap of ASX 200 stocks marking yearly highs and lows in the past week.
52-Week Highs and Lows by Sector:
Real Estate: Highs 0, Lows 15
Materials: Highs 1, Lows 7
Industrials: Highs 0, Lows 5
Staples: Highs 1, Lows 4
Healthcare: Highs 1, Lows 4
Discretionary: Highs 0, Lows 3
Financials: Highs 0, Lows 3
Technology: Highs 0, Lows 3
Utilities: Highs 0, Lows 1
Energy: Highs 1, Lows 0
Stocks at 52-Week Highs
Stocks at 52-week Lows
Ticker | Company Name | Close Price | Sector | 1 Year |
|---|---|---|---|---|
EVT | $10.71 | Discretionary | -17.5% | |
The Star Entertainment | $0.6 | Discretionary | -72.9% | |
Tabcorp | $0.95 | Discretionary | -2.1% | |
Centuria Capital | $1.335 | Financials | -12.2% | |
Magellan Financial | $6.755 | Financials | -34.0% | |
Perpetual | $20.06 | Financials | -14.3% | |
Ansell | $21.93 | Healthcare | -15.3% | |
CSL | $252.71 | Healthcare | -10.8% | |
Healius | $2.195 | Healthcare | -33.9% | |
Polynovo | $1.227 | Healthcare | -26.1% | |
Atlas Arteria | $5.48 | Industrials | -11.0% | |
Cleanaway | $2.355 | Industrials | -12.8% | |
Qantas Airways | $4.915 | Industrials | -5.5% | |
Block Inc | $68.01 | Industrials | -23.6% | |
Transurban | $12.43 | Industrials | -1.0% | |
Amcor PLC | $14.09 | Materials | -17.0% | |
Alumina | $0.92 | Materials | -26.7% | |
Chalice Mining | $2.26 | Materials | -41.0% | |
IGO | $11.185 | Materials | -27.1% | |
Iluka Resources | $7.42 | Materials | -20.5% | |
Mineral Resources | $61.14 | Materials | -13.7% | |
West African Resources | $0.7 | Materials | -30.7% | |
Arena Reit | $3.35 | Real Estate | -1.8% | |
BWP Trust | $3.38 | Real Estate | -10.1% | |
Charter Hall | $9.18 | Real Estate | -22.0% | |
Charter Hall Long Wale | $3.155 | Real Estate | -21.7% | |
Cromwell Property Group | $0.347 | Real Estate | -48.1% | |
Charter Hall Social Infrastructure | $2.515 | Real Estate | -19.9% | |
Charter Hall Retail | $3.095 | Real Estate | -18.3% | |
Growthpoint Properties | $2.06 | Real Estate | -32.9% | |
GPT Group | $3.795 | Real Estate | -1.9% | |
Lendlease | $6.77 | Real Estate | -21.4% | |
National Storage | $2.185 | Real Estate | -3.3% | |
Region Group | $2.04 | Real Estate | -16.1% | |
Scentre Group | $2.465 | Real Estate | -4.5% | |
Vicinity Centres | $1.722 | Real Estate | -1.9% | |
Waypoint Reit | $2.26 | Real Estate | -8.9% | |
The A2 Milk | $4.115 | Staples | -25.1% | |
Bega Cheese | $2.535 | Staples | -25.9% | |
Coles Group | $15.435 | Staples | -5.9% | |
Elders | $5.56 | Staples | -55.0% | |
Iress | $5.42 | Technology | -41.5% | |
Pexa Group | $10.27 | Technology | -25.9% | |
Telstra | $3.79 | Technology | -0.8% | |
APA Group | $8.12 | Utilities | -14.1% |
Key themes and takeaways:
That's a lot of 52-week lows: Almost a quarter of ASX 200 constitutes have hit fresh 52-week lows in the past week. Breadth is extremely low and concentrated towards underperforming sectors like Real Estate, Materials and Industrials. That said, stocks have the tendency to bottom when breadth is the worst.
Real estate pains: The number of REITs falling to 52-week lows has only accelerated in recent weeks. The unrelenting yield backup has seen the US 10-year yield rally 23 bps in October and 150 bps off of May lows. According to Macquarie, the correlation between the 10-year yield and a REIT like Charter Hall's price-to-earnings is -0.75. "So one might have to wait for the long end of the rate curve to ease before the stock bounces back in a sustainable manner," the analysts said in a note last week.
Quality is not having a good time: Darling stocks with defensive earnings like Amcor, CSL, Transurban, Coles and Telstra have all slumped to 52-week lows.
