The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has closed down 0.3%, following the lead from US markets overnight. The Dow Jones fell 0.3% while the broader S&P 500 dropped 0.2% as did the tech-heavy NASDAQ.
While that was disappointing, at least it wasn’t as bad as the falls these four companies saw…
Copper miner Tiger Resources Limited (ASX: TGS) saw its share price hammered down 32% to 2.5 cents, after posting a 32% fall in revenues and a loss of $37.3 million for the 2016 financial year. I’ve previously written about the company’s woes, and it wouldn’t surprise me to see the company head out of the ASX backwards. Buyer beware.
Future Fibre Technologies Ltd (ASX: FFT) saw its share price smashed down 21.9% to 25 cents, after the company reported a loss of $5.8 million for the 2016 financial year as revenues declined 21% compared to the previous year. It was a weak second half result that saw revenues fall, despite a strong first half result. It was a surprise to many investors that the downturn in the oil price has affected the company’s revenues so badly – hence the weak result and today’s sell-off.
Slater & Gordon Limited (ASX: SGH) saw its share price sink 13.1% to 36.5 cents and has now lost 26% over the past 5 business days. That came after the company reported a net loss of more than $1 billion. As we noted in our article, the law firm’s shares don’t appear cheap, particularly with debts of around 4x the market value.
Wellard Ltd (ASX: WLD) saw its share price sink 15.8% to 24 cents, although I note that Butt Nominees Pty Ltd increased its holding to 26.4 million shares or 6.6% of the company today from 20 million shares previously. The meat processor and exporter reported a pro forma net profit of $14.8 million for the 2016 financial year yesterday – well below its prospectus forecast of $46.4 million – not a great start to the company’s ASX life.
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