Worst Performing Stocks of the Week

Submitted by Jim Thesiger on 7 February, 2010 - 14:42

Arrow Energy (AOE), one of the major coal seam gas producer and explorer with a current market capitalisation of $2512.1 million was the worst performer in the ASX100 list for the week. The company lost 12.7 percent or 50 cents to its stock price and was closed for the week at $3.43. For this week, the list of worst performing stocks of the Australian Stock Exchange was dominated by resource exploration and mining companies: Arrow Energy (AOE), Energy Resources of Australia (ERA), OZ Minerals (OZL), Roc Oil Company (ROC), Karoon Gas Australia (KAR), Sundance Resources (SDL). Energy Resources of Australia (ERA), one of the leading producers of Uranium of the world that meets 10 percent of the uranium demand of the world market was the second worst performer in ASX100 losing 8.8 percent or $1.86 closing the week at $19.09. It was followed by OZ Minerals (OZL), a metal mining and exploration Company that principally focuses on the production of zinc, copper, lead, gold and silver. The company saw an 8.4 percent or 9 cent drop to its stock price and was closed for the week at 98 cents.

In the ASX200 list, it was Roc Oil Company (ROC), Karoon Gas Australia (KAR) and Sundance Resources (SDL) - who were the top three worst performers of the week. Roc Oil Company (ROC), a leading oil and gas explorer and producer with a market capitalisation of $285.3 million was in the top position with a loss of 40.2 percent or 27 cents to its stock price and was closed for the week at 40 cents. The second position was taken by Karoon Gas Australia (KAR), a renowned company that focuses in exploration, identification and development of oil and gas reserves. Karoon with a market capitalisation of $1032.6 million lost 19 percent or $1.37 to its stock price closing for the week at $5.83. Next in the list was Sundance Resources (SDL), a Company that concentrates on the exploration of iron ore, copper, gold and other base metals with key asset located in Mbalam - Republic of Cameroon of central West Africa. The company lost 14.2 percent or 2 cents to its stock price closing the week at 12 cents (market capitalisation $325.2 million).

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