The S&P/ASX 200 index was unable to bounce back fully from Monday's severe selloff and finished with a weekly decline of 14.5 points or 0.2%.
Three shares that fell more than most last week are listed below. Here's why they were the worst performers on the ASX 200 last week:
The Eclipx Group Ltd (ASX: ECX) share price was the worst performer on the ASX 200 for a second week in a row with a decline of 14%. This latest decline means that the vehicle fleet leasing, fleet management and diversified financial services provider's shares have dropped a massive 68% since the start of the month. Investors have been hitting the sell button in a panic after the release of a disappointing market update which revealed that trading conditions have continued to deteriorate since its last update in January. In addition to this, Eclipx warned that merger talks with McMillan Shakespeare Limited (ASX: MMS) had broken down.
The Ardent Leisure Ltd (ASX: ALG) share price wasn't far behind and dropped 13.5% last week. At one stage last week the entertainment company's shares fell to a 52-week low of $1.12 despite there being no news out of it. As I mentioned previously, one broker that would class this as a buying opportunity is Citi. According to a note out of the investment bank last month, it rated Ardent Leisure as a buy with a $1.70 price target. This implies almost 50% upside for its shares over the next 12 months if everything goes to plan.
The Washington H. Soul Pattinson and Co. Ltd (ASX: SOL) share price continued its slide and fell 9% last week. The investment house's shares have come under a spot of pressure since the release of its first half results earlier this month. During the half the company posted a record regular profit after tax of $186.7 million, an increase of 12.2% on the previous corresponding period. Whilst this was solid, the company's outlook appears to have spooked investors. Although managing director Todd Barlow said that the company's portfolio is "well positioned to deliver continued growth while being largely uncorrelated with the rest of the equity market", he warned that it is "quite cautious at the moment with asset prices remaining high while some early warning signs are emerging with respect to consumer sentiment and economic activity."
