The ALL Ordinaries (Index: ^AORD) (ASX: XAO) has dropped 7.8% so far in 2016, in what has been the worst start to a new year in history for the ASX. Fears abound globally while a rout in oil prices has seen energy shares plunge.
Still, the new year is only 19 days old and anything can happen between now and the end of the year, so there’s hope for the 10 shares below, which are amongst the ASX’s biggest losers so far in 2016.
|Company||Latest share price||Year-to-date fall|
|Select Harvests Limited (ASX: SHV)||$6.16||-28%|
|Liquefied Natural Gas Ltd (ASX: LNG)||$0.59||-29%|
|Norwood Systems Ltd (ASX: NOR)||$0.07||-30%|
|WHITEHAVEN COAL LIMITED (ASX: WHC)||$0.472||-33%|
|Santos Ltd (ASX: STO)||$2.575||-33%|
|Austal Limited (ASX: ASB)||$1.055||-33%|
|Capitol Health Ltd (ASX: CAJ)||$0.177||-34%|
|Sundance Energy Australia Ltd (ASX: SEA)||$0.099||-48%|
|Unilife Corporation (ASX: UNS)||$0.19||-49%|
|Sino Gas & Energy Holdings Limited (ASX: SEH)||$0.035||-53%|
As you can see, a number of oil and gas companies have seen their share prices continue to plummet. The Sundance Energy share price has lost more than 80% in the past 12 months, including 48% so far this year. The Santos share price is down 67% over the same period while Liquefied Natural Gas has seen its share price sink 74%. Sino Gas & Energy released an announcement today, which the market has taken an extreme dislike to – with the share price down 35% in lunchtime trading.
Select Harvests, an Australian almond producer, is expected to be affected by falling almond prices and possibly adverse weather conditions this year – or at least, that’s what many investors appear to be thinking.
Norwood Systems has seen its share price fall 30% so far this year, despite some positive news announcements. The Norwood share price is still up 150% from a year ago, as the former miner switched to solutions for global mobility and roaming solutions for international travellers.
Coal miner Whitehaven has been sold off on the outlook for coal and the future demand for coal as an energy source and a vital ingredient in making steel. Neither energy coal nor steel appear to have a hugely positive year ahead.
Boat maker Austal experienced problems last year with delivering some of its projects for the US Navy and the resignation of its CEO this year has contributed to the share price fall.
Capitol Health, a diagnostic imaging provider, is likely to be negatively impacted by the government’s review of the medical benefits scheme (MBS) and we have already seen the number of scans across the industry falling. The federal government also announced plans to cut more than $600 million in funding to the diagnostic imaging and pathology sectors over 3 years.
The Unilife share price has nearly halved, despite entering an agreement with Amgen for which Amgen paid Unilife a $15 million non-refundable deposit – although the company also deferred an interest payment of US$1.7 million to early February.
There may be little upside for the energy and coal companies in the table above in 2016, with the likelihood of lower oil prices for some time. But the other companies may be worthy of more research.
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Motley Fool writer/analyst Mike King owns shares in Capitol Health. You can follow Mike on Twitter @TMFKinga
Unless otherwise noted, the author does not have a position in any stocks mentioned by the author in the comments below. The Motley Fool Australia has no position in any of the stocks mentioned. 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 Bruce Jackson.