Losers of the Week

Submitted by Jim Thesiger on 24 January, 2010 - 21:53

Centennial Coal Company (CEY) the largest Australia based independent coal company which is involved in a coal mining and marketing with the focus on supply of coking and thermal coal to both Australian and export markets was the worst performer in the ASX100 list for the 3rd week of 2010. The company lost 10.9 percent or 46 cents to its stock price and was closed for the week at $3.73. The list of worst performing stocks of the Australian Stock Exchange was mainly dominated by Iron and Coal exploration and mining companies: Centennial Coal Company (CEY), Aquarius Platinum (AQP), Fortescue Metals Group (FMG), Gindalbie Metals (GBG), Mount Gibson Iron (MGX), Whitehaven Coal (WHC). Aquarius Platinum (AQP), a company that concentrates on exploration, development and acquisition of platinum group metals was the second worst company in ASX100 losing 10.8 percent or 84 cents closing the week at $6.92. Aquarius Platinum was followed by Fortescue Metals Group (FMG), an iron ore company which owns considerable amount of iron resources. The company saw a 10.5 percent or 57 cent drop to its stock price and was closed for the week at $4.81.

In the ASX200 list, it was Gindalbie Metals (GBG), Mount Gibson Iron (MGX) and Whitehaven Coal (WHC) - who were the worst performers for the week. Gindalbie Metals (GBG), an independent iron ore explorer that primarily concentrates on the exploration and appraisal of iron ore projects and establishing joint ventures with other mining companies for mineral exploration with a market capitalisation of $756.7 million was in the top position with a loss of 12.2 percent or 15 cents to its stock price and was closed for the week at $1.07. The second position was taken by Mount Gibson Iron (MGX), a company that focuses on exploration and production of iron ore. The company with a market capitalisation of $1701.9 million lost 12.2 percent or 22 cents to its stock price closing for the week at $1.58. Next in the list was Whitehaven Coal (WHC), a group of companies with a market capitalisation of $2285.3 million that focuses on coal mining and coal exploration. Whitehaven lost 11.9 percent or 64 cents to its stock price closing the week at $4.70.

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