On Friday the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) edged lower to 6175.2 points, meaning the benchmark index finished the week with a 0.5% decline.
Whilst this was disappointing, spare a thought for shareholders of the four shares listed below which were the worst performers on the ASX 200 last week. Here's why they tumbled lower:
The Sigma Healthcare Ltd (ASX: SIG) share price was the worst performer on the ASX 200 last week with a decline of 14.5%. The catalyst for this was the company's decision to reject the Australian Pharmaceutical Industries Ltd (ASX: API) merger proposal. After conducting an internal business review, Sigma decided that going it alone was in the best interests of shareholders. Australian Pharmaceutical Industries responded by advising that it would not come back with a better offer and would be reviewing its stake in Sigma.
The Ardent Leisure Ltd (ASX: ALG) share price wasn't far behind with a decline of 13.5% despite there being no news out of the entertainment company. This decline meant the company's shares reversed last week's strong gains and tumbled to a 52-week low of $1.26 on Friday. One broker that is likely to see this as a buying opportunity is Citi. At the end of last month it declared Ardent Leisure as a buy with a $1.70 price target.
The Seven West Media Ltd (ASX: SWM) share price continued its poor run and dropped 7.5% last week. This decline means the media company's shares have lost 50% of their value over the last six months and are now trading within a whisker of an all-time low. Last month Seven West Media posted a 7.9% decline in half year EBIT and downgraded its full year guidance due to weakness in TV advertising.
The Syrah Resources Ltd (ASX: SYR) share price was a poor performer once again with a weekly decline of 7%. The graphite miner's shares came under pressure after it provided an update on trading during the first quarter. Despite giving its guidance for the quarter as recently as January 30, Syrah downgraded its weighted average graphite price expectations for the first quarter to between US$460 and US$470 per tonne. This compares to its previous guidance range of US$500 to US$600 per tonne.
