ASX mining services stocks hammered

ASX up 0.1%, but panic appears to have broken out in mining services

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The S&P / ASX 200 Index (Index: ^AXJO) (ASX: XJO) has risen just 0.1% to 5,013.5, despite another record night for US stocks. Both the Dow Jones Industrial and the S&P 500 indices rose by 0.4%, while in the UK, the FTSE 100 index gained 0.5%. Despite the ASX's 0.1% rise, this was the best week in 9 months, with the market up 2.5%, and ends four consecutive negative weeks for Australian shares.

The Australian dollar has gained against the greenback, fetching US 105.5 cents.

These three stocks were the worst performers in the top 200, falling more than 6%.

No real surprise that they are all mining services companies, after one of their compatriots, Calibre Group issued a massive profit warning, with 2013 financial year net profit expected to be almost 50% lower. Miners are focusing on cutting costs and capital expenditure, delaying projects and selling off non-core assets. Dependent as they are on the miners, mining services companies have seen their share prices hammered in the past year, and several will be lucky to survive.

Decmil Group (ASX: DCG) lost 8.9% to close at $2.16. Decmil operates in two segments, construction, which includes design, engineering and construction services, and accommodation villages, which it builds, owns and manages. Despite exposure to the oil and gas sector, with its primary accommodation village, Calliope, catering to the LNG industry in Gladstone, Queensland. Over the past year, Decmil shares have shed 20% of their value.

NRW Holdings (ASX: NWH) fell 8.3% to close at $1.39, to add to shareholders' woes. Over the past year it has fallen close to 60%, with several substantial shareholders jumping ship, despite reporting a 7% rise in net profit for the six months to December 2012. Shareholders will be hoping that the company can diversify its business away from mining into civil

Imdex Limited (ASX: IMD) close down 6.4% lower, ending at $1.24. Imdex supplies drilling products and services to the mining sector, as well as water, oil and gas drilling industries. Unfortunately for the company, 75% of its business comes from the minerals side. That's reflected in revenue for the six months to December falling 3%, but minerals revenue dropping a whopping 18%. Imdex will be pinning its hopes on expansion of its oil and gas business.

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