STW Group has lost almost a seventh of its value in the last seven days. The company has seen its share price plunge 20 cents since CEO Michael Connaghan told investors last week that the advertising market was unlikely to see growth for the full year.
Shares in STW started sliding last Tuesday after hitting a high of $1.48 during the day's trading.
Over the next two days shares dropped from $1.46 to $1.35 and yesterday (Tuesday) closed at $1.27.
The shares have now dropped 13.5% in seven days.
The drop is seen as a reaction to a string of account losses including Coca-Cola and Diageo (Ikon), Vodafone (Ogilvy), and this week Myer (Ogilvy Badjar), as well as Connaghan's comments that the advertising industry faced a “seriously tough market”.
During his half-year results presentation last week Connaghan noted that the Australian economy “is not firing” and said consumer confidence had slumped noticeably the night after the Abbott Government had unveiled its first budget.
Connaghan declined to comment on the share price slide in recent days.
The shares are now trading at their lowest point since hitting $1.27 in May.
Sign up to the AdNews newsletter, like us on Facebook or follow us on Twitter for breaking stories and campaigns throughout the day. Need a job? Visit adnewsjobs.com.au.
Have something to say? Send us your comments using the form below or contact the writer at simoncanning@yaffa.com.au.
Have something to say on this? Share your views in the comments section below. Or if you have a news story or tip-off, drop us a line at adnews@yaffa.com.au
Sign up to the AdNews newsletter, like us on Facebook or follow us on Twitter for breaking stories and campaigns throughout the day.