Is Ausenco - AAX - doing a Worley? A profit downgrade is on the...

Is Ausenco - AAX - doing a Worley? A profit downgrade is on the cards when the stock comes out of trading halt.

AAX is a minnow compared to WOR based upon market capitalisation, but does similar things. It is hardly a pretender to the throne though.

AAX really must have thought the SP would get slammed to ask for a trading halt. WOR dropped by a quarter so AAX may get junked down to 70c even.

There are some similarities though to WOR, in that things were apparently said to be better at WOR and AAX before downgrades/halts were sprung on the market. Really though, the market should not feel so surprised by such downgrades because mining services businesses are simply finding it tougher to source new projects. Their SPs are being marked to market.