On Tuesday the S&P/ASX 200 index dropped lower for the second day in a row. Despite this disappointing end to the month, the benchmark index still recorded a gain of 2.34% in April.
But not all shares were able to follow the market higher last month. Here's why these were the worst performers on the index in April:
The Pilbara Minerals Ltd (ASX: PLS) share price was the worst performer on the ASX 200 last month with a decline of 23%. Investors hit the sell button amid general weakness in the lithium industry and the release of the lithium miner's third quarter update. Although Pilbara Minerals' spodumene production increased quarter on quarter, Tropical Cyclone Veronica impacted its shipments and meant that spodumene sales dropped 17% from the previous quarter to 38,562 dmt.
The Galaxy Resources Limited (ASX: GXY) share price wasn't far behind with a decline of 22.5% in April. The lithium miner's shares have come under pressure in April 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. April's decline means that Galaxy's shares have now lost a third of their value since the start of the year.
The Evolution Mining Ltd (ASX: EVN) share price had a month to forget, falling a sizeable 13% in April. The gold miner came under pressure after the release of a softer than expected March quarter update and a decline in the gold price. A bearish broker note out of Credit Suisse also weighed heavily on its shares. According to a note, the broker retained its underperform rating and $2.55 price target on the company's shares following its quarterly update.
The Washington H. Soul Pattinson and Co. Ltd (ASX: SOL) share price tumbled 12.5% lower last month. The investment house's shares have come under a spot of pressure since the release of its first half results. Although the company posted a record regular profit after tax of $186.7 million, its outlook appears to have spooked investors. Managing director Todd Barlow said that the company's portfolio is "well positioned to deliver continued growth", but warned that it is "quite cautious at the moment with asset prices remaining high while some early warning signs are emerging with respect to consumer sentiment and economic activity."
