3 FTSE Shares Crashing To New Lows: Tullow Oil plc, De La Rue plc and Bumi PLC

The FTSE 100 (FTSEINDICES: ^FTSE) is on the up again today, gaining 32 points to 6,706, after some of its top constituents reached new highs of their own. At that level, a return to last November’s depths of 5,605 points is looking increasingly unlikely, as London’s top index heads ever-closer to beating May’s high of 6,876.

In fact, there are so few big fallers, we have to take a look across all of the FTSE indices to find shares slumping to new lows. Here are three:

Tullow Oil

Tullow Oil (LSE: TLW) shares have been having a down year anyway, but they’ve slipped further since first-half results were released earlier this month, even though the figures were in line with expectations and looked reasonable.

Today the price dipped 5.5p to a new low of 964p, after Tullow announced its intention to issue $500m in senior notes, with the proceeds used to pay down some other debt under the firm’s current credit facilities — although those facilities will remain.

Despite Tullow’s 30% price fall over the past 12 months, the shares are still on a forward P/E of more than 25 based on forecasts for the year to December 2013.

De La Rue

It’s been a tough year for banknote printer De La Rue (LSE: DLAR) too, with its share price nearly 20% down — and today’s fall of 3op (3.5%) to a new 52-week low of 855p didn’t help.

This week’s slump came from a profit warning, telling us that operating profit will now come in around £90m, which falls short of the firm’s earlier target of £100m as part of its three-year recovery plan.

But that’s still 40% up on last year, earnings per share are still expected to rise quite nicely, and there’s a dividend yield of more than 4% penciled in.


Asia-focused coal miner Bumi (LSE: BUMI) has seen its shares heading south again of late. They haven’t quite reached their recent low of 188p again yet, but falling 8p (3.7%) to 196p today they’re heading back in that direction — and they’re way down from their 12-month peak of 445p set in February.

The firm is currently in negotiations to complete its separation from the Bakrie Group and PT Bumi Resources, with the separation now expected to be completed by the end of November. There is no profit yet forecast for the company.

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> Alan does not own any shares mentioned in this article.