The All Ordinaries (Index: ^AORD) (ASX: XAO) managed to post a flat result today, rising just 2.6 points (0.04%) to 5,937.1. The big four banks managed gains of 0.8% or more, but most of the Top 20 big caps ended in the red.
Still, it wasn't as bad as these five, who all posted heavy falls. Here's our view…
eServGlobal Ltd (ASX: ESV) crashed down 22.9% to 37 cents, as the company hosted its annual general meeting today (AGM). The company was also downgraded by broker Canaccord Genuity to a Hold on Tuesday. Comments at the AGM by the chairman probably didn't help when he said the company was trading in line with last year's result, suggesting not much growth ahead.
Monadelphous Group Limited (ASX: MND) continues its topsy-turvy trading, plunging 8.4% to $10.99 today. Still, it's a fair way away from its 52-week low of $7.87 back in early February. The mining services and energy contractor could be facing further headwinds, as mining investment drops off. The recent halving in the oil price is probably going to hurt prospects for work in the energy sector as well.
Fonterra Ord Unit (ASX: FSF) fell 7.7% to $5.40, after announcing its interim results earlier today. The world's largest dairy exporter was forced to cut its dividend after revenues fell 14%. Colleague Owen Raskiewicz covered the story in more detail here, and there is potentially good news ahead.
Spark New Zealand Ltd (ASX: SPK) dropped 6.5% to $2.87, as the world's largest private equity firm, Blackstone reported that it had reduced its holding in the New Zealand telco company from 8.1% to 6.1%, after selling around 35 million shares. Spark is the front end after Telecom New Zealand split into two companies – the other being Chorus Ltd (ASX: CNU), which mainly provides infrastructure.
Gold miner Beadell Resources Ltd (ASX: BDR) fell 5.2% to 27.5 cents. CPM Group have predicted that gold prices will fall for the third-straight year this year, as concerns about the global economy ease. With gold playing the role of a safe haven in times of turmoil, recovering and growing economies mean less demand for the gleaming metal. Gold prices were fairly steady overnight at US$1,193 an ounce.
