After a strong start to the week, the benchmark S&P/ASX 200 Index pulled back from its six-month high to finish the week mostly flat at 6181.3 points.
Three shares that acted as a drag on the index last week are listed below. Here's why they were the worst performers on the ASX 200 over the period:
The Pilbara Minerals Ltd (ASX: PLS) share price was the worst performer on the ASX 200 last week with a decline of 7.5%. Investors may have been selling the lithium miner's shares after it revealed that its managing director and CEO, Kenneth Brinsden, had sold shares on-market. Mr Brinsden offloaded a total of 8.25 million shares for a total of $6.25 million or an average of 75.7 cents per share. Though, it is worth noting that the sale was made in order to fund the exercise of 15 million options that were exercisable at 40 cents and due to expire on May 16.
The New Hope Corporation Limited (ASX: NHC) share price wasn't far behind with a decline of 6.3% last week. This latest decline means the coal miner's shares have now tumbled 36% over the last three weeks. The catalyst for this selling appears to have been its half year results which were released last month. During the half New Hope achieved 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. Including its 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 Bravura Solutions Ltd (ASX: BVS) share price was a disappointing performer last week, falling 5.9% over the period. A tech selloff on Friday was largely behind this decline. Australian tech shares fell heavily on Friday due to a combination of profit taking and a decreasing appetite for risk. Despite this decline, the fintech company's shares are still up an impressive 39% since the start of the year.
