A small gain on Thursday meant the S&P/ASX 200 index finished the week with a gain of 0.21%.
Four shares that failed to follow the market higher last week are listed below. Here's why they were the worst performers on the benchmark index over the period:
The G8 Education Ltd (ASX: GEM) share price was the worst performer on the index last week with a 13.6% decline. Investors were quick to sell the childcare centre operator's shares after it released a trading update at its annual general meeting. Although management confirmed its full year profit and occupancy growth guidance, it warned that it would be weighted to the second half. Some investors appear sceptical that the company will end up achieving its guidance.
The Galaxy Resources Limited (ASX: GXY) share price tumbled 10.9% last week after the lithium miner provided an update on its third quarter and its Sal de Vida asset. Although Galaxy's production was strong and its unit costs came down, the company reported a 62% decline in the amount of concentrate shipped. Furthermore, despite a large number of interested parties, Galaxy advised that it wasn't able to agree a transaction structure for its Sal de Vida asset that provides a valuation that fully reflects the "world class nature" of the asset.
The Afterpay Touch Group Ltd (ASX: APT) share price dropped a sizeable 9.7% last week despite there being no news out of the payments company. I suspect that investors decided to take a bit of profit off the table after a stellar share price rise in 2019. Even after this disappointing week, Afterpay Touch's shares are up a massive 84% since the start of the year.
The Evolution Mining Ltd (ASX: EVN) share price sank 9.5% lower last week. A softer than expected March quarter and a decline in the gold price weighed heavily on the gold miner's shares. One broker that wasn't impressed with Evolution's quarter was Credit Suisse. According to a note, its analysts have retained their underperform rating and $2.55 price target on its shares. Evolution's shares closed the week at $3.24.
