Last week the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) bounced back from a selloff on Tuesday to finish the week with a weekly gain of 0.4%.
Four shares that failed to follow the market higher last week are listed below. Here’s why they were the worst performers on the ASX 200:
The oOh!Media Ltd (ASX: OML) share price was the worst performer on the ASX 200 last week with a decline of 15%. The media company’s shares came under pressure following the release of its full year results. For the 12 months ended December 31, oOh!Media posted a 27% increase in revenue to $482.6 million. However, due largely to one-off acquisition costs, net profit after tax fell 4% to $31.6 million. While this was in line with expectations, its weak guidance for FY 2019 disappointed the market.
The G8 Education Ltd (ASX: GEM) share price was not far behind with a decline of 14%. The market appears to have been disappointed with the childcare centre operator’s full year results which were released last week. In FY 2018 G8 Education posted a 12.7% decline in underlying EBIT and a 1.9 percentage point drop in its occupancy rate to 74% on a like for like basis. Due to excess supply, the childcare centre market remains challenging.
The Mineral Resources Limited (ASX: MIN) share price dropped 11% lower last week. The mining and mining services company’s shares have been on a downward trend since the release of its half year results a week earlier. In the first half of FY 2019 the company posted an 80% decline in EBITDA to $72 million. Part of this decline came from Mineral Resources recognising a $30 million unrealised accounting loss on its investment in lithium miner Pilbara Minerals Limited (ASX: PLS).
The NEXTDC Ltd (ASX: NXT) share price had a disappointing week and fell 10.5%. The data centre operator’s shares were sold off last week following the release of its half year results on Wednesday. Prior to their release the company’s shares had rallied almost 20% since the start of the year. I suspect that some investors had been expecting the company to upgrade its full year guidance, so hit the sell button when management held firm with it.
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Motley Fool contributor James Mickleboro owns shares of NEXTDC Limited. The Motley Fool Australia has recommended oOh!Media Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.