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.
Engineering firm Corac also took a hit after it announced a first half loss of £3.84m, compared to a £2.35m loss the year before, but the firm said it was trading in line with expectations for the year with continuing good order book visibility for the balance of the year and going into 2013.
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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.
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