Monadelphous Group Limited (ASX: MND) shareholders look away now…
Source: CMC Markets
Shares of the mining services firm plummeted 10% yesterday, despite no company specific news.
In the wake of being dropped from the S&P/ASX 100 (ASX: XTO) (Index: ^AXTO) last week, Monadelphous shares have – along with many other mining services companies – been on a one-way ticket downward, as resources sector spending plunges.
Despite being down 49% in this past year; there could be further pain in store for Monadelphous shareholders with resources and infrastructure spending expected to drop by 60% in the next three years, according to research from ANZ.
So before considering holding on, it might be worthwhile cutting your losses and looking at other opportunities…
