SP Ausnet (SPN): Loser

Submitted by Craig Strzelecki on 22 September, 2007 - 11:56

SP Ausnet (SPN) was the overall worst performing stock taking in a 10.71 percent decrease. It was a mixture of financial services, healthcare, energy and forest products companies who were among the worst performing stocks for the week 38 of 2007 on the Australian sharemarket: Bendigo Bank (BEN), Ansell (ANN), Sigma Pharmaceutical (SIP), SP Ausnet (SPN), Adelaide Bank (ADB), Gunns (GNS). These worst performing stocks for the week 38 recorded losses above 6.08 percent by the end of the trading week.

Bendigo Bank, which has about 340 branches across Australia, took the ribbon for the worst performing stock on the ASX 100 index seeing 7.63 percent fall or $1.12 and closing at $13.55. Ansell, the Company to concentrate on its core business, protective products and services in a broad healthcare context, became the second in the list losing 83 cents, closing at $11.90 and a negative move of 6.52 percent. Ansell was followed by Sigma Pharmaceutical, a leading manufacturer and marketer of prescription, over-the-counter and generic pharmaceutical products, seeing 6.08 percent fall or 9 cents and closing at %1.39. On the ASX 200 index, SP Ausnet, which plays a vital role in the energy supply industry of Victoria, Australia and owns 51 percent interest by Singapore Power International Pte. Ltd., took the pole position decreasing by 10.71 percent, loosing 15 cents and closing at $1.25. SP Ausnet was followed by Adelaide Bank, a company with its head office in South Australia, providing financial services through a distribution network and through national alliances, at the second place losing $1.46, closing at $14.24 and a negative move of 9.29 percent. The third position was occupied by Gunns, Australia's largest fully integrated hardwood forest products company which owns 185,000 hectares of freehold land and manages in excess of 110,000 hectares of plantations, closing at $2.95 (-$0.26, -8.1%).