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Winners and Losers: Shareholders punish Mayne Pharma for full year loss

The Adelaide company saw more than $100 million in value wiped off its market capitalisation following the release of full year results which detailed worsening losses amid a restructure.

Sep 04, 2023, updated Sep 04, 2023
Photo: Mayne Pharma.

Photo: Mayne Pharma.

Salisbury-based Mayne Pharma is worth $105 million less as of 1 September than it was a week prior, after shareholders savaged the pharmaceutical company for its worsening losses in the last financial year.

Shares fell 27.37 per cent over the course of last week, leading to the company’s market cap falling from $392.19 million to $286.7 million – a $105 million difference.

The crash came almost immediately after the company’s results were made public, and hit a $3.11 low about midday on Friday but recovered slightly that afternoon.

Cement maker Adbri was another Adelaide firm to see its shares fall by more than 20 per cent – translating to a $350 million valuation discount.

Adbri – formerly Adelaide Brighton Cement – released its trading results as well last week which detailed revenue growth, earnings growth and profit growth.

But analysts were not impressed, with Citi’s Samuel Seow noting the company’s volume growth was “surprisingly anaemic”, and that the balance sheet remained “a concern”.

Maggie Beer, Centrex and Micro-X rounded out the top 5 losers.

Of the winners, Archer Materials took top spot after rising by 11.83 per cent to $0.52, while AML3D was a close second – up 11.11 per cent last week.

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Mighty Kingdom also rose by 6.25 per cent despite its CEO Shane Yeend tendering his resignation on Friday.

BHP and Beach Energy closed out the top five.

Take a look at the top five winners and losers for the week ending 1 September below:

winners and losers 4 sept

winners and losers 4 sept

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