One positive way of looking at the sea of red on the local share market today is that some quality shares are getting increasingly cheaper.
Three which I would consider buying after this sell off are listed below. Here's why I like them:
BHP Billiton Limited (ASX: BHP)
One of the key reasons for the market decline has been a booming U.S. economy causing inflation fears and concerns that rates will increase at a quicker rate. A booming economy is great news for a mining giant like BHP Billiton and is likely to support high prices for commodities. Considering BHP Billiton's shares were already trading on undemanding multiples prior to today, I think today's decline makes it even more appealing. Especially with its shares now providing a generous trailing fully franked 3.6% dividend, which I feel is likely to be increased significantly in FY 2018.
Ramsay Health Care Limited (ASX: RHC)
Another great option for investors is this private hospital operator after its 3% decline today. This has left its shares trading over 13% lower than their 52-week high and at a level which I think is attractive for investors willing to make a buy and hold investment. Thanks to growing healthcare demand as a result of ageing populations and increased chronic disease burden, I think Ramsay has a long runway for growth that should allow it to deliver above-average earnings growth for the foreseeable future.
Westpac Banking Corp (ASX: WBC)
The shares of Australia's oldest bank have fallen over 3% today and are trading within a fraction of the $30.00 mark. I think this is a great price for income investors to consider buying the bank's shares at today. Especially as at the current price Westpac's shares provide a market-beating trailing fully franked 6.2% dividend. This yield is hard to beat outside the banking sector unless you look towards lower quality businesses.
