Following selloffs in US and European shares on Friday, the local S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has continued the downward trajectory set by international share markets, falling 1.3% by mid-afternoon.
Reliable dividend paying stocks like Telstra Corporation Ltd (ASX: TLS), Woolworths Limited (ASX: WOW) and Australia and New Zealand Banking Group (ASX: ANZ) haven't been immune from the selling pressure. Respectively, they're down 1.7%, 1.9% and 2.1% at the time of writing.
The selloff of these dividend-paying stocks comes ahead of an eagerly awaited RBA interest rate decision tomorrow, with a growing chorus of economists tipping a 0.25% interest rate cut.
However, the worst performing bank stock on the market today is Macquarie Group Ltd (ASX: MQG), down 5.1%. Last month, Macquarie announced its intention to buy the Esanda Dealer Finance unit from ANZ.
Macquarie said it'd conduct a share purchase plan (SPP) for retail investors to participate in the offer. However, upon release of the SPP to the ASX this morning, shareholders voted with their wallets and sold down the stock.
With shares down 16% today at $2.08, the worst-performing stock is GWA Group Ltd (ASX: GWA). The supplier of popular bathroom, kitchen, door and access systems fell hard on the back of prominent analyst downgrades. However, of the four price targets supplied, the average fair value estimate for GWA shares is $2.32, according to Dow Jones Newswires.
Foolish Takeaway
The S&P/ASX 200 is down a meaningful 1.3% today and 3.4% over the past three trading days. It's at times like these savvy investors go in search of bargain buying opportunities. Indeed, of the five companies above, Telstra Corporation would be my pick of the bunch.
