Despite a cracking start to the year, the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has since trended lower. In fact, the main index is now sitting 0.7% below where it started the year while it is also down 3.5% since it maxed out at 5,827 points on 9 January.
Indeed, it has been a bumpy ride for share investors. Here are the four ASX 200 businesses that have suffered the worst losses so far in January.
Infant formula maker Bellamy's Australia Ltd (ASX: BAL) tops the list, with its shares down almost 40% since the beginning of the new year. First, the company announced a major earnings downgrade as a result of a dramatic fall in sales while the shares were soon placed in an extended trading halt as the company worked to amend a key manufacturing contract. The management team has also been given a massive shake-up in the time since.
Aconex Ltd (ASX: ACX) solidified its position in this list following a heavy earnings downgrade just yesterday. While Aconex has long been thought of as a high-growth company, it shocked investors when it downgraded its revenue guidance from around $176 million (the mid-point of its previous guidance) to around $162.5 million. Worse yet, it is now guiding for around 21% growth in earnings before interest, tax, depreciation and amortisation (EBITDA), down from guidance of around 73%. The company's shares are now sitting almost 39% lower since the beginning of the year.
The short sellers also won out with Western Areas Ltd (ASX: WSA) which is sporting a decline of almost 17% year-to-date. Indeed, much of the damage was inflicted on the company's share price on 13 January in which its shares plummeted on the back of a decision by Indonesia to ease its export ban on nickel ore. Additional supply coming from the area could force nickel prices lower which would be bad for businesses such as Western Areas.
Finally, billions of dollars have been wiped from the market value of Brambles Limited (ASX: BXB) whose shares have fallen more than 15% so far in 2017. The company admitted that it had endured weakness in its Northern American business, experiencing both revenue and cost pressures, which would see constant currency sales and earnings growth come in below previous guidance.
