Resources sector price falls
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Commodity prices have been finding new depths this week. The oil price is now down to US$40.73, while iron ore has a 3 in front of it. It all means that the carnage for resources stocks has continued, and our key recommendations in the sector – BHP Billiton, South32, Origin Energy and Santos – have been front and centre amongst it. Of the two Buys, BHP is now down 35% since BHP and the iron ore crash (Buy – $25.63), South32 is down 54% since The ups and downs of South32 (Buy – $2.17), while of the Holds, Origin Energy is down 60% since Origin gets an upgrade (Buy– $11.41) and Santos is down 75% since Get your claws into Santos (Buy – $3.97).
We're in the process of writing an end-of-year special report that looks into commodity prices and their impact on these and other stocks – look out for it later next week. Without meaning to steal its thunder, however, and notwithstanding the pain suffered so far, we're happy with our recommendations on all four stocks. Members should nevertheless note that they will continue to be knocked around by commodity prices, so it's especially important to pay heed to our maximum recommended portfolio weightings (8% for BHP, 7% for South32, 4% for Origin Energy and 4% for Santos).
Disclosure: The author owns shares in South32.
Note: The Intelligent Investor Growth and Equity Income portfolios own shares in BHP, Origin Energy and South32. You can find out about investing directly in Intelligent Investor and InvestSMART portfolios by clicking here.
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