Losing Stocks of the Week

Submitted by Jim Thesiger on 30 August, 2009 - 03:48

Sims Metal Management (SGM), a company that is globally engaged in two primary businesses: The Metal recycling and Sims Metal Recycling Solutions (market capitalisation $4201.5 million) was the worst performer in the ASX100 list for the 35th week that lost 7.7 percent or $1.93 to its stock price closing the week at $23.05. It was a mixture of Mining, exploration and recycling companies in the list of worst performing stocks of the Australian Stock Exchange: Sims Metal Management (SGM), Aquarius Platinum (AQP), OZ Minerals (OZL), Mincor Resources NL (MCR). Aquarius Platinum (AQP), a company that focuses on exploration, development and acquisition of platinum group metals was the second worst company of the list losing 7.6 percent or 42 cents closing the week at $5.05. Next in the list was OZ Minerals) (OZL) a mining and exploration Company that is engaged in the production of gold, lead, zinc, copper, and silver (market capitalisation $2268.2 million) with a drop of 4.5 percent or 5 cents to its stock price and was closed for the week at $1.05.

In the ASX200 list, it was Mincor Resources NL (MCR), Sims Metal Management (SGM) and Aquarius Platinum (AQP) - who were the worst performers for the week. With a market capitalisation of $464.9 million, Mincor Resources NL (MCR), a rising nickel exploration and mining company that is actively engaged in the exploration of nickel and base metals in Australia with operations in six nickel mines in Kambalda District, Western Australia was in the top position with a loss of 11.4 percent or 30 cents to its stock price and was closed for the week at $2.33. Sims Metal Management and Aquarius Platinum were placed in the second and third position respectively. The fourth position was taken by Australia based insurance, commodity risk and finance management service provider AWB. The company saw a drop of 10 cents to its stock price and was closed at $1.32 (-7.06%).