The S&P/ASX 200 Index has gained 4.4 per cent over the past month, with the share prices of companies including BHP Billiton Limited (ASX:BHP), REA Group Limited (ASX:REA) and Aristocrat Leisure Limited (ASX: ALL) jumping higher.
But not all ASX shares have been winners over the past month.
These three companies have all hit turbulence, their share prices tumbling lower despite the strong showing of the Australian share market.
Greencross Limited – down 20 per cent
The Greencross Limited (ASX:GXL) share price has fallen almost 20 per cent in the last month after the veterinary chain and pet shop owner downgraded its full-year earnings forecast amid soft sales growth from its vet practices in Australia.
As quoted in the AFR, Citigroup analyst Sam Teeger cut his 12-month share price target from $5.75 to $4.70.
Greencross shares currently trade at $4.23, down 34 per cent in the last 12 months.
AMP Limited – down 18.5 per cent
The AMP Limited (ASX:AMP) share price has slumped 18.5 per cent lower after the banking royal commission uncovered well publicised claims of misconduct amongst the company’s financial planners.
Interim executive chairman Mike Wilkins has apologised to shareholders, saying the company would work to win back the trust of its shareholders and the public.
AMP shares are now facing three separate class actions, and two more potential actions.
According to the AFR, Quinn Emanuel, which was the first to file its case, said the AMP class action had the potential to be worth $2 billion, the biggest in Australian history.
AMP shares currently trade at $3.88, down 25 per cent in the last 12 months.
Link Administration Holdings Ltd – down 17 per cent
The Link Administration Holdings Ltd (ASX:LNK) share price has fallen almost 17 per cent in the last month.
Link Administration, a technological administer of outsourced superannuation, indicated the Federal Budget’s proposed changes to the treatment of inactive superannuation accounts are likely to impact revenues.
The measure is to transfer balances of less than $6,000 from inactive super accounts to the Australian Taxation Office, which will then try to return the money to its owner.
The company has quantified the impact of the changes, saying the move would have cost it as much as $55 million in revenue if it had been enacted this year.
Link shares currently trade at $7.22, down almost 6 per cent in the last 12 months.
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