Loser of the Week 39

Submitted by Jim Thesiger on 28 September, 2009 - 16:29

Karoon Gas Australia (KAR), a company that focuses in exploration, identification and development of oil and gas reserves was the worst performer in the Australian Stock Exchange for the week. Karoon lost 27.9 percent to its stock price closing the week at $7.92. The company closed at $10.98 in the earlier week. The market capitalisation of the company was $1402 million. It was a mixture of Mining, Exploration, Real Estate and Resource based companies in the list of worst performing stocks of the Australian Stock Exchange: Karoon Gas Australia (KAR), Extract Resources (EXT), Mirvac Group (MGR). Extract Resources (EXT) is an international mineral exploration and mining Company with a primary focus on gold, uranium and nickel with a market capitalisation of $2058.2 million was the second worst performing company of the list that saw a 15.8 percent drop to its stock price closing at $8.93. Next in the list was Mirvac Group (MGR), a company that runs real estate business in both residential and non-residential projects and also focuses in Real Estate Fund management. Mirvac had a market capitalisation of $4278.3 million and lost 12.1 percent to its stock price and was closed for the week at $1.53. Two other companies of the list were Mirabela Nickel (MBN) and Eastern Start Gas (ESG) with both losing 11.8 percent to their stock price.