GPT Group: Worst Stock Performer for Week 28 of 2008

Submitted by Craig Strzelecki on 12 July, 2008 - 09:33

GPT Group was the overall worst performing stock taking in a 36.58 percent decrease. Among the worst performing stocks for the week 28 of 2008 on the Australian sharemarket were a mixture of real estate business and property management companies: GPT Group (GPT), Mirvac Group (MGR), Stockland (SGP), Macquarie DDR Trust (MDT). These worst performing stocks for week 28 of 2008 recorded losses above 17.39 percent and all of these companies were real estate companies.

GPT Group, which has a substantial investor base, with over 48,000 investors and is one of the top 30 stocks by market capitalisation, offering investors good liquidity, was the worst performing stock for the ASX 100 index after its credit score was lowered by Standard & Poor’s due to the cut of the profit estimates. GPT Group lost 90 cents, decreased by 36.58 percent and closed at $1.56. GPT Group was followed by Mirvac Group, an integrated real estate group with approximately $28 billion of activities under control across the real estate funds management and development spectrum, another company which cut the earnings forecasts in this week, seeing 25.96 percent fall or 74 cents and closing at $2.11. Stockland, Australia's leading diversified property group with total assets of over $13.7 billion and operations in Australia and the United Kingdom, was at the third position seeing 17.39 fall or 96 cents and closing at $4.56. On the ASX 200 index, GPT Group was the worst performing stock followed by Mirvac Group. Macquarie DDR Trust, which aims to give investors secure income and the prospect of capital growth, was at the third position of this list losing 9 cents, decreasing 24.65 percent and closing at 28 cents.