The Australian share market was on form again last week and closed it just a touch short of its record high.
Unfortunately, not all shares are faring as well as the market. Here's why these ASX shares have just hit 52-lows or worse:
ARQ Group Ltd (ASX: ARQ)
The ARQ Group share price dropped to a multi-year low of 25 cents last week. Investors have been selling the digital solutions partner's shares due to a sharp downturn in its performance over the last 12 months. In addition to this, this month ARQ Group announced the signing of a binding agreement to sell its Enterprise Services Division for $35 million. The agreement is with an entity owned by a consortium comprising Quadrant Private Equity and certain members of its management team. This includes its CEO Tristan Sternson, who has now stepped down and will be replaced by Brett Fenton. The sale includes the rights to the name ARQ, which means the company formerly known as Melbourne IT will be changing its name again.
CIMIC Group Ltd (ASX: CIM)
The CIMIC Group share price hit a multi-year low of $27.27 on Friday. The engineering company's shares have come under pressure following a bitterly disappointing performance in FY 2019 and a scathing attack by a short seller. In respect to the former, for the 12 months ended December 31, CIMIC reported revenue of $14.7 billion and a statutory net loss after tax of $1 billion. This poor performance led to a change of CEO earlier this month.
Mayne Pharma Group Ltd (ASX: MYX)
The Mayne Pharma share price continued its slide and hit a multi-year low of 40 cents last week. The pharmaceutical company's shares have been sold off in recent months following a very poor start to FY 2020. In November management warned that sustained pressure on generic drug pricing was weighing on its performance. As a result, its revenue fell 16% to $153 million during the first four months of the financial year. Conditions don't appear to easing for the company, which doesn't bode well for its profits in FY 2020.
