The S&P/ASX 200 Index returned to form last week and finished it with a gain of 1.1% or 70 points.
Not all shares were able to follow the market higher, though. Here's why the four shares listed below were the worst performers on the ASX 200 last week:
The Syrah Resources Ltd (ASX: SYR) share price was the worst performer on the benchmark index last week with a sizeable 15.5% decline despite there being no news out of the graphite producer. However, a week earlier Syrah's shares were amongst the best performers with a gain of 26.5% following its better than expected quarterly update. This may have led to profit taking from some investors last week.
The Sims Metal Management Ltd (ASX: SGM) share price was the next worst performer on the index with a decline of almost 14.5% last week. The scrap metal company's shares were sold off after it released its medium term growth plans. Judging by the share price reaction, investors don't appear convinced with management's plans.
The Bellamy's Australia Ltd (ASX: BAL) share price was uncharacteristically a poor performer last week with a decline of 9%. The infant formula company's shares came under pressure at the end of the week when analysts at Citi downgraded them from a buy rating to neutral with a $10.50 price target. Although the broker is positive on its growth plans, it downgraded its shares on valuation grounds after its strong share price rally in 2019.
The Bank of Queensland Limited (ASX: BOQ) share price wasn't far behind with a decline of almost 7%. The regional bank's shares came under pressure after it released its first half results and reported a disappointing 8% decline in half year cash earnings. This poor performance led to Bank of Queensland cutting its interim dividend by 10.5% to 34 cents per share. Unfortunately for shareholders, management warned that the second half wouldn't be any better.
