Red, red, red… it's a sea of red, as far as the eye can see.
Today, the markets are in a bloodbath. I'm not normally one for dramatic commentary of the ASX, but today (and this week) are not ordinary times. If things continue to drop on the S&P/ASX 200 Index (INDEXASX: XJO), it looks as though it might be the worst period since the December 2018 correction.
But here at The Fool, there is more excitement than panic. A falling market means its "raining gold" – to quote the great Warren Buffett.
So here are five ASX shares that I think are no-brainer buys at the current share price.
Coles Group Ltd (ASX: COL)
Coles shares are down another 2.56% today at the time of writing to $14.29 a share. This grocer is starting to enter the buy zone in my opinion – the trailing dividend yield is nearing 3% after today's falls, and I think Coles' robust earnings base is under no immediate threat from the coronavirus (we all still need to eat, after all).
BHP Group Ltd (ASX: BHP)
The Big Australian is also feeling the pain today, down 3.55% to $33.96 a share. BHP is always going to be a cyclical stock, but since BHP shares are now close to 52-week lows, it might be a great time to start showing some interest. No matter what happens in the global economy, the world still needs the iron, coal and copper that BHP extracts. This company is also known as a major dividend payer as well – something to keep in mind.
Telstra Corporation Ltd (ASX: TLS)
Telstra shares have taken quite the beating in the last week – despite what I consider to be a very solid earnings base. Telstra was trading at over $3.80 a share last week – today, it's touching the $3.40 mark. That gives Telstra a trailing dividend yield of 4.71% (or 6.73% grossed-up) – not bad in today's low interest rate world.
WiseTech Global Ltd (ASX: WTC)
WiseTech is something of a fallen angel these days. Six months ago, this was a company going for nearly $40 a share. After this week's sell-off, WiseTech is asking just $16.11 at the time of writing. This company has had its problems, but plenty of people were willing to pay almost triple the current stock price not too long ago. So, I think this is possibly an 'oversold' story and there could be significant value in the WiseTech share price today.
CSL Limited (ASX: CSL)
Last, but certainly not least, is CSL. This healthcare giant is now in the midst of one of its biggest price corrections ever. That does sound dramatic, but this company has had such an impressive run over the last few months that despite this correction, the company now trades at a level it was at just one month ago (despite losing nearly 8% in a week). Thus, I think CSL is in the buy zone today.