The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) tumbled today losing 2.1% to close at 4,875 points, as heavyweight resources and energy shares were trampled as investors rushed for the exits.
These four shares were amongst the losers and found themselves heavily sold off…
Lifehealthcare Group Ltd (ASX: LHC) share price dropped 41.2% to $1.50, as investors were spooked by the medical device distributor's report that 35% of its revenues were from prostheses.
The problem there is that the government has initiated a review into the items on that list, with claims from private health insurance companies that products are seriously overpriced. But as we explained earlier today, that doesn't mean Lifehealthcare is going to lose a third of its revenues, and the selling looks overdone.
Maca Ltd (ASX: MLD) share price dropped 23.2% to $0.76. The mining services and construction company today reported shocking first half results. Revenues plunged 35% to $208.5 million, while net profit crashed 64% lower to $12.4 million, and the company cut its dividend by 43% to 4 cents, compared to the previous year. Clearly it's a difficult period for the mining services sector as a whole, with several other mining contractors also heavily sold off in the last week or so.
BHP Billiton Limited (ASX: BHP) share price dropped 8.2% to $16.18, the biggest one-day fall since December 2008. Once again it was sinking commodities prices that were to blame, with Brent crude oil sinking 5% overnight to US$32.94 a barrel. Investors were also taking in yesterday's half-year report, which saw BHP record its first loss in 16 years, cut its dividend by 75% and abandon its progressive dividend policy.
Worleyparsons Limited (ASX: WOR) saw its share price sink 13.1% to $3.66, after the engineering, consulting and services company to the oil and gas sector was forced to cancel its dividend altogether for the first half of the 2016 financial year. That's despite $3.2 billion in revenues too. But net profit and cash flows were both hard hit, and Worleyparsons had little choice but to strengthen its balance sheet, given the $1.4 billion of total debt on its books.
