Three Shares That Lost To The Market Today

StockMarketBoard The Straits Times Index (SGX: ^STI) continued yesterday’s decline by slumping to a 1.4% loss today to 3,129 points. It was a sea of red as none of the index’s 30 components managed to make any gains for today. Winners were already hard to come by, but there were other shares that got pummelled harder than most. Let’s take a look at some of them.

Jardine Cycle & Carriage (SGX: C07) was one of the worst casualties in the index today as its shares went down by 4.4% to S$36.74. The company has motor interests and owns 50% of Astra, an Indonesian conglomerate that is involved with automobile sales and palm oil production, among others.

Three weeks ago, the company had released its half-year results which saw an 11% year-on-year decline in profit to US$453m  for the first six months of the year. The decline was predominantly due to lower earnings from Astra and a weaker rupiah. Jardine C&C’s management cited “increased competition in the motor car sector, higher labour costs, and lower commodity prices” as reasons for Astra’s relatively poor showing.

Noble Group (SGX: N21) slipped by 2.3% to $0.84. On Sunday evening, the commodities trader announced that one of its subsidiaries Yancoal Australia Limited, which is listed on the Australian Securities Exchange, had posted very poor results for the first half of 2013.

Yancoal, whose main business interest lies with coal mining, had made a A$749m loss in the first six months of the year. Noble owns 13% of  Yancoal (as of 31 Dec 2012) and, as a result of the latter’s losses, will suffer a negative accounting impact of US$79m for its third quarter results. However, the commodities trader would not be incurring any realised cash losses stemming from this episode.

Sarin Technologies (SGX: U77) develops and manufactures advanced planning, evaluation, and measurement systems for diamond and gemstone production. While the company might be involved with products that sparkle, its share price lost some shine today by sliding 3.6% S$1.62 on no notable news.

While the second-guessing of a company’s short-term price movements will likely leave many scratching their heads, we do know that Sarin Technologies has had a good second quarter in 2013 in terms of its corporate performance.

The company’s recent second quarter results release saw it post a 22% increase in quarterly revenue to US$22.1m compared to a year ago while profits jumped 26% to S$8.28m. Management cited “positive business sentiments” and healthy system-sales as reasons for the company’s strong double-digit growth.

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The information provided is for general information purposes only and is not intended to be personalised investment or financial advice. Motley Fool Singapore contributor Chong Ser Jing doesn’t own shares in any companies mentioned.