It was another disappointing week for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). The benchmark index fell 2.4% last week to close it at a two year low of 5,467.6 points.
While the majority of shares on the index dropped into the red, some fell more than most.
These shares were the worst performers on the ASX 200 last week:
The Orocobre Limited (ASX: ORE) share price was the worst performer on the ASX 200 with a 23% decline. Not far behind it was the Pilbara Minerals Ltd (ASX: PLS) share price which crashed 22% lower. The lithium miners were sold off last week after Orocobre provided an update on its pricing during the December quarter. It averaged a price of US$10,800 per tonne for its lithium carbonate, down 15% from the US$14,699 per tonne it commanded in the September quarter. Management advised that soft market conditions in China have had a direct impact on shorter term contracts, leading to the fall in prices.
The MYOB Group Ltd (ASX: MYO) share price sank a disappointing 19% last week after the accounting software company released an update on its takeover discussions with private equity firm KKR. After completing its due diligence and finalising its debt funding commitments, KKR has revised its offer down approximately 10% from $3.77 per share to $3.40 per share. The market doesn't appear certain that a deal will be made at this price.
The Syrah Resources Ltd (ASX: SYR) share price was the next worst performer with a decline of 18.5%. The graphite miner's shares sank lower despite announcing a binding term sales agreement with Qingdao Langruite Graphite Company. That agreement is for a minimum of 48kt of natural graphite from Syrah's Balama project in 2019. I suspect investors are concerned that demand for graphite is falling along with fellow battery making ingredient lithium.
