Financial Services: Worst Performers for Week 10 of 2008

Submitted by Share Trading on 8 March, 2008 - 12:40

City Pacific was the overall worst performing stock taking in a 60 percent decrease. It has been noted that for the past week (week 10 of 2008), majority of worst performing stocks on the Australian sharemarket was financial services providers and it’s an indication of the fall of the sector. Allco Finance (AFG), ABC Learning (ABS), Centro Properties (CNP), Asciano Group (AIO) and City Pacific (CIY) were among the worst performing stocks. Also, there moves were significant ranging from 29.9 percent to 60.2 percent. Compared to past few weeks, this is a significant negative move of the sharemarket.

City Pacific, the diversified financial services company which provides finance and investment products was the overall worst performer taking in a 60 percent decrease and it had a clear gap between the other runners up. Allco Finance took the ribbon for the worst performing stock on the ASX 100 index seeing 39.6 percent fall or 35 cents and closing at 53 cents. ABC Learning, the child care services company became the second in the list losing 67 cents, closing at $1.47 and decreasing of 14.4 percent. Centro Properties, the retail investment organization specializing in the ownership, management and development of retail shopping centres was the next in line losing $0.14 (-31.1%) and closing at $0.31. Asciano Group secured the forth place in the list closing at $3.48 (-$1.49, -29.9%). On the ASX 200 index, City Pacific, the diversified financial company took pole position decreasing by 60 percent, losing $1.48 and closing at 98 cents. The first runner up was Allco Finance followed by ABC Learning. Centro Properties secured the fourth place in the ASX 200 index.