Although the share market has been flying high this year, not all shares have been able to follow its lead.
Three ASX shares that have just hit multi-year lows or worse are listed below. Here's why they are down in the dumps right now:
Bank of Queensland Limited (ASX: BOQ)
The Bank of Queensland share price continued its slide and hit a multi-year low of $3.70 yesterday. Investors have been selling the bank's shares following a poor result in FY 2019 and disappointing guidance for the new financial year. At its annual general meeting on Tuesday the regional bank warned that its transformation will take time and FY 2020 will be a "difficult" year. It expects another decline in earnings this year.
Elixinol Global Ltd (ASX: EXL)
The Elixinol Global share price sank lower again on Tuesday and hit a new all-time low of 60 cents. The cannabis company's shares have come under pressure in recent months following a decline in revenues and issues in both Japan and the United States. In October the company revealed that non-compliant hemp-derived CBD products were being sold by Elixinol Japan. And earlier this month it advised of a potential class action in the United States. Elixinol Global is alleged to have mislabelled its cannabis products.
Prospa Group Ltd (ASX: PGL)
The Prospa share price dropped to an all-time low of $1.80 yesterday. The online lender's shares have come under pressure in recent weeks following a surprise downgrade to its guidance. Although Prospa expects its calendar year 2019 originations to be above its prospectus forecast at $574.5 million, its revenue and EBITDA are expected to fall well short of forecasts. Management revealed that this has been caused by its premiumisation strategy exceeding its forecast. Prospa has experienced increased demand for its solutions from premium credit quality customers who pay lower interest rates over longer terms.
