In March the S&P/ASX 200 index finished with a small 0.2% gain despite a few wobbles late on in the month.
Four shares that failed to follow the market higher and sank notably lower last month are listed below. Here's why they were the worst performers on the index over the period:
The Eclipx Group Ltd (ASX: ECX) share price was far and away the worst performer on the ASX 200 in March with a decline of 68%. Investors were heading to the exit in their droves after the vehicle fleet leasing, fleet management and diversified financial services provider released another disappointing market update. In addition to this, Eclipx warned that merger talks with rival McMillan Shakespeare Limited (ASX: MMS) had broken down and a deal now looks unlikely.
The Ardent Leisure Ltd (ASX: ALG) share price crashed 29% lower in March despite there being no news out of the entertainment company. Judging by the selloff, it appears as though investors believe either its theme parks or Main Event centres in the United States are underperforming. This share price weakness means Ardent Leisure's shares hit a 52-week low last week.
The New Hope Corporation Limited (ASX: NHC) share price sank 28% lower last month. The coal miner's shares came under pressure following 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 the one-offs, New Hope's net profit rose just 4% to $120.2 million, which was below the market's expectations. The miner also reported higher than expected costs.
The St Barbara Ltd (ASX: SBM) share price tumbled 23% lower in March. Although many of Australia's leading gold miners dropped lower during the month, St Barbara fell significantly more due to the release of a disappointing feasibility study. According to the study, the company will 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 the study found that ventilation and pumping issues made those methods unfeasible.
