3 FTSE Shares Near 52-Week Lows
Jul 4th 2012 12:38PM
Updated Jul 4th 2012 12:40PM
The FTSE 100 (INDEX: ^FTSE) reached a 52-week low of 4,944 on Oct. 4, 2011, having fallen from its July 7 high point of 6,055. Today it stands at 5,680, which is pretty close to halfway between those two extremes.
But whether it's heading upward or downward, we see individual shares in the FTSE indices hitting new high and low points almost every day.
Here, we take a look at three plumbing new depths today.
Hedge fund manager Man Group (ISE: EMG.L) appears unable to regain much confidence from investors, after its shares hit a 52-week low today, falling 3.8 pence to 67 pence.
Even news of the appointment of Judy Saunders as an advisor, amid signs that pension funds are looking for more hedge fund exposure, didn't halt the slide today. It has so far taken the shares down 75% from their 52-week high of 259.6 pence nearly a year ago.
The rot set in when the firm's flagship AHL fund failed to meet the high-water performance that would allow Man to charge higher fees, and there has been no sign of any respite since.
Hardy Oil & Gas (ISE: HDY.L) has had a poor year and today hit a low of 113 pence, having fallen all the way from a 228 pence high in August 2011 -- that's a fall of 50%.
The firm, exploring for petrochemicals in India, released full-year results for 2011 in March, which showed a loss per share of 1.9 pence. And that's expected to fall further to a 2.5 pence loss per share this year.
An interim statement in May disappointed the markets, as the company announced it had started a "comprehensive review of our long-term strategic goals and objectives in order to realize value for shareholders."
Print and Web publisher Mecom Group (ISE: MEC.L) reached a new low of 61 pence per share today, falling 3 pence, or 5%.
The share price fell off a cliff after the firm released a profit warning on June 6, telling us that it had "experienced a significant deterioration in advertising revenues in the second quarter of 2012, especially in its Dutch business."
It also said it didn't expect things to get better in the second half, citing Dutch economic weakness and the eurozone crisis as the reasons.
But even before that, the price had fallen from its 52-week high of 242 pence set in August 2011, giving us an overall fall of 75% from top to bottom.
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