Shares in Origo Partners hit a 52-week low after the Beijing-based private equity investment firm announced a first half investment loss, pushing it into the red at the interim stage.
Having enjoyed investment income of $23.6m in the first half of this year, the group suffered an investment loss of $38.6m in the first half of 2012, resulting in a loss before tax of of $37.3m, compared to a profit of $19.4m a year earlier. Its net asset value dropped to $204.2m from $240.6m the year before. Over half the firm's portfolio is mining stocks, which have been hit by the world's ongoing economic woes. Its investments in Mongolia are also in the spotlight as "resource nationalism" is growing in the country.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Recruiter Work Group was another hitting a 52-week low after issuing a profit warning on Tuesday morning. "Prospects for the wider economy and the recruitment market remain uncertain which makes forecasting a challenge and we are finding that the conversion of our pipeline is taking longer and is more uncertain than has been the case previously," said Chairman Simon Howard. The firm expects to be profitable this year but not meet market expectations.
MM
-
Emerging markets boast top growth stocks at bargain pricesOpinion Lim Wen Loong, investment director at Ashoka WhiteOak Capital, selects three growth stocks where he’d put his money
-
Beware the bubble in bitcoin treasury companiesBitcoin treasury companies are no longer coining it. Short this one, says Matthew Partridge
