With the ASX having a very rocky week last week, it might be a good time to assess the sharemarket for some good old-fashioned bargains.
The best time to buy stocks is of course when they're on sale, so although a market dip like we saw causes a lot of concerns, it's also a great time to put your surplus cash to work.
So, here are two ASX shares that I think are looking cheap today.
Galaxy Resources Limited (ASX: GXY)
The Galaxy share price is up 1.81% today to 96 cents per share at the time of writing, but this seems rather insignificant when you consider this lithium miner is still down over 56% for the year so far. Still, this to me is starting to look like a bargain buy – Galaxy, like all lithium stocks, is currently being depressed by the rock-bottom price of raw lithium which is sitting near two-year lows. Lithium is a major component of most rechargeable batteries, so it's not like the underlying demand for this commodity is going to go away anytime soon. Therefore, I think the Galaxy share price might just be in the buy zone at these levels.
National Australia Bank Ltd (ASX: NAB)
NAB was making new 52-week highs just a fortnight ago, but since then the NAB share price has crashed nearly 7% and sits at $27.96 at the time of writing. News last week that the big four bank will be paying extra compensation/remediation amounting to around $1.18 billion has unsurprisingly put investors off buying NAB. However, this price crash also means that you can get an improved starting yield of around 6.51% on current prices – a tempting proposition with interest rates being so low these days.
Foolish Takeaway
Both of these ASX shares are (in my view) looking tempting at today's prices. I think Galaxy is more of a 'high risk, high reward' investment at current prices, but any dividend investors out there might do well to take a look at the NAB share price today.
