CNP

The recent downgrading of the US and Australian property portfolio value by $2.62 billion have lead to considerable danger for some of the managed funds for Centro Properties Group (CNP) raising the fear that they might breach the banking convents. According to the Centro authority, in June 30 the value its Australian managed property portfolio was $7.69 billion where in December it remained at $8.17 billion.

Troubled Centro Properties Group has decided to go ahead with its sell-off of its US properties to reduce its debts. It has announced that it shall sell 29 of its 31 properties in Centro America Fund (CAF) at a 10 percent discount of its book value. Centro America Fund (CAF) is a wholesale fund managed by the Centro Group where Centro Properties held 46.65 percent stakes. Centro Properties has decided to go ahead with its plans to sell its assets to a private real estate investment advisor in order to provide liquidity to the balance sheet and pay down its outstanding indebtedness.

Minara Resources (MRE) was the overall worst performing stock in either f the ASX100 and ASX200 indices taking in a 18.56 percent decrease in their share price on the Australian stock exchange. Although the overall loser on the Australian markets this week goes to Clive Peeters (CPR) which shed 25 percent closing the week at 50 cents.

Transfield Services (TSE) was the overall worst performing stock taking in a 18.46 percent decrease in their share price. Among the worst performing stocks for the week 20 of 2008 of the Australian sharemarket were a mixture of specialist services, retail investments, and financial services: Transfield Services (TSE), Centro Properties (CNP), Allco Finance (AFG). These worst performing stocks for the week 20 of 2008 recorded losses above 14.28 percent by the end of the trading week.

Toll Holdings (TOL) was the overall worst performing stock taking in a 18.46 percent decrease. Among the worst performing stocks for the week 16 of 2008 of the Australian sharemarket were a mixture of logistics services, support services, retail shopping, and gold mining: Toll Holdings (TOL), Brambles (BXB), Centro Properties (CNP), Sino Gold (SGX). These worst performing stocks for the week 16 of 2008 recorded losses above 8.69 percent by the end of the trading week.

Centro Properties (CPN) was the overall best performing stock taking in a 42.10 percent increase. Among the best performing stocks for the week 14 of 2008 on the Australian sharemarket were a mixture of retail, learning services, project development, iron exploration, and property management: Centro Properties (CNP), ABC Learning (ABS), Leighton Holdings (LEI), Sundance Resources (SDL), APN UKA European Retail Property (AEZ). The best performing stocks for the week 14 managed gains above 17.13 percent by the end of the trading week.

City Pacific was the overall worst performing stock taking in a 60 percent decrease. It has been noted that for the past week (week 10 of 2008), majority of worst performing stocks on the Australian sharemarket was financial services providers and it’s an indication of the fall of the sector. Allco Finance (AFG), ABC Learning (ABS), Centro Properties (CNP), Asciano Group (AIO) and City Pacific (CIY) were among the worst performing stocks. Also, there moves were significant ranging from 29.9 percent to 60.2 percent.

Centro Properties (CNP) was the overall worst performing stock taking in 18.8 percent decrease in its stock price. Among the worst performing stocks for the week 8 of 2008 on the Australian sharemarket were a mixture of retail investments, child care services and mining: Centro Properties (CNP), ABC Learning (ABS), Macquarie Office (MOF), Iluka Resources (ILU), Centro Retail (CER). These worst performing stocks for week 8 of 2008 recorded losses above 11.9 percent by the end of the trading week.