A positive final session led to the benchmark S&P/ASX 200 recording a weekly gain of 0.3% to 6195.2 points last week.
Not all shares on the index followed it higher, though. The four shares listed below were the worst performers on the index last week. Here's why they sank lower:
The Eclipx Group Ltd (ASX: ECX) share price was the worst performer on the ASX 200 last week with a massive 60.5% decline. The vehicle fleet leasing, fleet management and diversified financial services provider's shares came under significant selling pressure following the release of a disappointing update which revealed that trading conditions have continued to deteriorate since its last update in January. As a result, management warned that Eclipx's NPATA is now down 42.4% compared with the first 5 months of FY 2018. In addition to this, the company advised that merger talks with industry peer McMillan Shakespeare Limited (ASX: MMS) have broken down and a deal is unlikely to be reached.
The St Barbara Ltd (ASX: SBM) share price crashed 27% lower last week after the gold miner downgraded its production guidance and released the results of its feasibility study. In respect to the feasibility study, the company revealed that it would have to keep using trucking to extract gold from its 123-year-old Gwalia mine in Western Australia. It had hoped to use two methods involving hydraulic hoisting to extend the mine's life, but a study found that ventilation and pumping issues made those methods unfeasible. I suspect that market had priced in a much longer life for the Gwalia mine.
The New Hope Corporation Limited (ASX: NHC) share price wasn't far behind with a 26% decline. The coal miner's shares were slammed after the release of its half year results. In the first half of FY 2019 New Hope posted a 21% increase in revenue to $616.7 million and a 33% lift in net profit after tax before one-offs to $159.8 million. However, including one-offs, net profit rose just 4% to $120.2 million. This was below the market's expectations, due largely to higher costs.
The Nufarm Limited (ASX: NUF) share price tumbled 14% last week. The crop protection and specialist seed company's shares sank into the red after the release of a disappointing half year result. Due largely to drought conditions in the Australia market, Nufarm fell short of the market's expectations. In addition to this, the market didn't react well to its decision to suspend its dividend and downgrade its full year EBITDA guidance.
