Why Mayne Pharma and these ASX shares just sank to 52-week lows

The Mayne Pharma Group Ltd (ASX:MYX) share price and two others have just dropped to 52-week lows. Here's why…

| More on:
a woman

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

On Tuesday the Australian market tumbled lower amid concerns over global economic growth.

A number of shares fell more than most and some even dropped to 52-week lows or worse. Three shares that made this unwanted milestone are listed below.

Here's why they are at new lows:

The Blackmores Limited (ASX: BKL) share price hit a multi-year low of $79.66 on Tuesday. The health supplements company's shares have come under significant pressure this year due to the softening of demand for its products in the key China market. And judging by its share price weakness this month, it appears that some investors are not overly confident that FY 2020 will be much better. Later this month Blackmores will report its full year results and release its guidance for the next financial year. I would suggest investors keep their powder dry until then.

The CYBG PLC (ASX: CYB) share price tumbled to a multi-year low of $2.57 yesterday. The UK-based bank's shares have been on the slide this month due to the release of a disappointing quarterly update at the end of July. That update saw CYBG warn investors that a large volume of mortgages have been paid off by customers during the third quarter, resulting in a negative impact on its lending income. In addition to this, recent weakness in the British pound due to no-deal Brexit concerns has also weighed heavily on the bank's Australian-listed shares.

The Mayne Pharma Group Ltd (ASX: MYX) share price continued its slide and hit a multi-year low of 47 cents on Tuesday. Investors have been selling the pharmaceutical company's shares this year due to concerns over the underperformance of its key Generics division once again. After a brief recovery, the division's performance has deteriorated materially in the second half of FY 2019 due to challenging trading conditions. Whilst things will inevitably improve again in the future, I'm not overly convinced that it will be a quick fix. In light of this, investors may want to keep a safe distance for the time being.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Blackmores Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on 52-Week Lows

Dollar sign in yellow with a red falling arrow in front of a graph, symbolising a falling share price.
Materials Shares

Ouch: The Pilbara Minerals share price just hit a multi-year low

It's been a tough day for lithium investors.

Read more »

A man holds his head as he looks at his laptop and contemplates more bills to pay.
Technology Shares

Guess which ASX 200 tech stock just crashed 13% on news from Microsoft?

The tech giant has dealt this company a blow. Let's see what is happening.

Read more »

Investor covering eyes in front of laptop
Materials Shares

Why are Syrah Resources shares crashing 32%?

This mining stock is being hammered again. What's going on?

Read more »

Shot of a young businesswoman looking stressed out while working in an office.
Industrials Shares

This ASX share is tumbling 13% on reduced earnings forecast

Earnings are expected to fall in the first half, much to the dismay of the market.

Read more »

A businesswoman exhales a deep sigh after receiving bad news, and gets on with it.
52-Week Lows

Down 68% from highs, this ASX 200 stock just hit a 4-year low. Time to pounce?

Is this beaten down stock a buy? Let's see what one leading broker is saying.

Read more »

A female Woolworths customer leans on her shopping trolley as she rests her chin in her hand thinking about what to buy for dinner while also wondering why the Woolworths share price isn't doing as well as Coles recently
52-Week Lows

Why is the Woolworths share price at its lowest point since 2020?

We haven't seen Woolies shares this low since COVID.

Read more »

A bored woman looking at her computer, it's bad news.
52-Week Lows

Why this $7 billion ASX 200 stock is falling hard today

Investors were not impressed with this company's performance during the third quarter.

Read more »

a woman looks down at her phone with a look of concern on her face and her hand held to her chin while she seriously digests the news she is receiving.
52-Week Lows

3 ASX 200 shares hitting multi-year lows while the market rallies: Time to buy?

These three ASX 200 shares are missing out on the market rally.

Read more »