Roc Oil: Worst Performer for Week 14 of 2008

Submitted by Craig Strzelecki on 5 April, 2008 - 12:25

Roc Oil was the overall worst performing stock taking in an 11.92 percent decrease. It was a mixture of property development, mining, financial services, and oil companies who were among the worst performing stocks for the week 14 of 2008 on the Australian sharemarket. Valad Property (VPG), Lihir Gold (LHG), Allco Finance (AFG), Roc Oil (ROC), Equinox Minerals (EQN). These worst performing stocks for the week 14 recorded losses above 6.12 percent by the end of the trading week.

Valad Property, a value adding property group that encompasses funds management, investment, development and property investment banking, was the worst performing stock on the ASX 100 index seeing 9.18 percent fall or 9 cents and closing at 84 cents. Lihir Gold, the owner and developer of the Lihir Island, Papua New Guinea open pit mine and processing facility gold operation, came in the second position losing 26 cents, closing at $3.46 and a negative move of 6.98 percent. Lihir Gold was followed by Allco Finance, a fully integrated global financial services business which has evolved significantly from its origins as a leveraged lease packager and underwriter, losing 6.12 percent or 3 cents and closing at 46 cents. On the ASX 200 index, Roc Oil, one of Australia’s leading independent oil and gas companies with approximately 298.9 million shares on issue and a market capitalisation around $890 million as at 31 March 2008, was the worst performing stock decreasing by 11.92 percent, losing 26 cents and closing at $1.92. Roc Oil was followed by Valad Property. Equinox Minerals, which is focused on the development of its 100% owned Lumwana Copper Project in Zambia, came in the third position closing at $5.16 (-$0.51, -8.99%).