Seek (SEK): Worst Performer for Week 17 of 2008

Submitted by Craig Strzelecki on 25 April, 2008 - 18:18

Seek (SEK) was the overall worst performing stock taking in a 13.95 percent decrease. It was a mixture of gaming machine manufacturing, support services, gold mining and Internet job recruitment companies who were among the worst performing stocks for the week 17 of 2008 on the Australian sharemarket: Aristocrat (ALL), Brambles (BXB), Newcrest (NCM), Seek (SEK), Sino Gold (SGX). These worst performing stocks for the week 17 recorded losses above 11.89 percent by the end of the trading week.

Aristocrat, the largest gaming machine manufacturer in Australia, and is one of the largest manufacturers of slot machines in the world (currently second only to US based International Game Technology), was the worst performing stock on the ASX 100 index seeing 12.56 percent fall or $1.15 and closing at $8.00. Brambles, a leading global provider of support services, operating in over 45 countries and employing over 12,000 people, came in the second position losing $1.18, closing at $8.85 and a negative move of 11.76 percent. Brambles was followed by Newcrest, a leading international gold company and one of the world's lowest cost gold producers, losing 11.73 percent or $4.04 and closing at $30.40. On the ASX 200 index, Seek, an internet job recruitment company listed on the ASX as of April 2005 and is the dominant player in online recruitment in the Australian market with 56% market share and over 150 thousand jobs online, was the worst performing stock decreasing by 13.95 percent, losing 79 cents and closing at $4.87. Seek was followed by Aristocrat in the worst performing stock for the ASX 200 index. Sino Gold, a Sydney-based company producing from the 5.3 million ounce Jinfeng gold resource in southern China and determined to increase company's gold production to optimal levels as quickly as possible, secured the third position closing at $5.26 (-$0.71, -11.89%).