GOING DOWN: Arjo Wiggins
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Your support makes all the difference.ARJO WIGGINS shares slid 14 per cent last week - their worst week since a 17 per cent decline in one week of September 1992 - as at least some shareholders decided to cash in at of one of the fastest-rising stocks in the FT-SE 250 index.
At their peak last week, the Basingstoke-based papermaker's shares had climbed 132 per cent this year. Even after five consecutive days of declines, they are still up 99 per cent since 30 December, the last trading day of 1998.
Credit Lyonnais Securities cut its rating on the stock to "add'' from "buy," but said it may bump it back up again if Arjo accepts a proposal to declare a special dividend or buy-back shares.
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