With global share markets melting down because of the coronavirus outbreak, a large number of shares have fallen heavily this month.
Three that have fallen so much they have hit multi-year lows are listed below. Here's why they are out of form:
Adelaide Brighton Ltd (ASX: ABC)
The Adelaide Brighton share price crashed to a multi-year low of $2.82 on Wednesday. Investors have been selling the cement supplier's shares after it posted a big drop in earnings and slashed its dividend in FY 2019. Adelaide Brighton revealed a 31.8% slump in underlying EBIT to $186.4 million after revenue fell 7% to $1.5 billion for the year ended December 31. Management blamed this poor result on rising costs and weaker volumes due to increasing competition in the residential construction market. Investors don't appear confident that it will be a quick turnaround.
Flight Centre Travel Group Ltd (ASX: FLT)
The Flight Centre share price fell to a multi-year low of $34.24 yesterday. The global travel agent giant's shares have come under pressure amid concerns that the coronavirus outbreak will have a profound impact on its second half performance. This is particularly bad news for Flight Centre as it was expecting this half to do all the heavy lifting in FY 2020. Flight Centre is due to release its half year results today, so all eyes will be on its guidance.
Treasury Wine Estates Ltd (ASX: TWE)
The Treasury Wine share price continued its poor run and hit a multi-year low of $10.60 on Wednesday. Investors have been selling the wine company's shares this week after it withdrew its downgraded guidance for FY 2020. The catalyst for this was the uncertainty around the impact of the coronavirus on its second half performance. Management notes that consumption in China has dropped off materially this month and expects this to remain the case until at least the end of March.
