On Friday the S&P/ASX 200 index finished the day ever so slightly higher, meaning it finished the shortened week with an impressive 2% gain to 6,385.6 points.
Unfortunately, not all shares were able to follow the market higher last week. Here’s why these shares were the worst performers on the benchmark index last week:
The Flight Centre Travel Group Ltd (ASX: FLT) share price was the worst performer on the ASX 200 last week with a decline of 10.5%. Investors hit the sell button in a hurry last week after the travel agent downgraded its full year guidance due to continued weakness in its Australian leisure business. Flight Centre now expects FY 2019 profit before tax to be between $335 million and $360 million, compared to prior guidance of between $390 million and $420 million. The mid-point of this range represents a 10% decline on the prior corresponding period.
The Galaxy Resources Limited (ASX: GXY) share price continued its slide and dropped a further 5.2% last week. The lithium miner’s shares have come under pressure this month following a disappointing third quarter update which revealed weaker recoveries and the company’s failure to find a joint venture partner for its Sal de Vida asset. Galaxy’s shares have now fallen almost 29% since the start of the year.
The Whitehaven Coal Ltd (ASX: WHC) share price wasn’t far behind with a decline of 4.9% last week. Investors have been selling the coal miner’s shares since the release of a weaker than expected quarterly update earlier this month. Despite this soft update, analysts at Morgans held firm with their add rating with a $5.15 price target.
The Iluka Resources Limited (ASX: ILU) share price dropped 4.3% lower last week despite there being no news out of the mineral sands producer. Investors may have been taking profit after a solid share price rally since the start of the year. However, one broker that thinks Iluka’s shares can still go higher from here is UBS. It reiterated its buy rating and $11.00 price target on the company’s shares following its solid quarterly update.
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Motley Fool contributor James Mickleboro owns shares of Galaxy Resources Limited. The Motley Fool Australia owns shares of and has recommended Flight Centre Travel Group Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.