Due partly to declines in the mining sector, the S&P/ASX 200 index dropped 0.8% lower to 6335.8 points last week.
Unfortunately, a number of shares performed even worse. Four of the worst performers on the market last week are listed below. Here’s why they were hammered:
The Janus Henderson PLC (ASX: JHG) share price was the worst performer on the benchmark index last week with a decline of 14%. The majority of this decline came on Friday after the asset manager’s shares were sold off following the release of a disappointing first quarter update. Janus Henderson reported first quarter net income of US$94.1 million, which was down a sizeable 43% on the prior corresponding period.
The Pendal Group Ltd (ASX: PDL) share price wasn’t far behind with a decline of 11.75% last week. The asset manager’s shares came under pressure after it reported a 26% decline in first half cash earnings to $84.5 million. Management blamed the poor result on significantly lower performance fees, which fell 91% to $4.4 million.
The Regis Resources Limited (ASX: RRL) share price tumbled almost 10% lower following the release of its March quarter production update. Although the company revealed that it is on course to reach its full year guidance, investors appear to have been expecting more to justify its premium valuation. Also weighing on the gold miner’s shares was a broker note out of Morgan Stanley. According to the note, its analysts have retained their underweight rating and $3.65 price target. This price target implies further downside of 16% for its shares.
The Super Retail Group Ltd (ASX: SUL) share price had a strong start to the week but ultimately ended it with a decline of 9.1%. The retail group’s shares came under pressure after it was the subject of a bearish note out of UBS. According to the note, its analysts downgraded Super Retail’s shares to a neutral rating from buy and trimmed the price target on them to $8.50. The broker felt its trading update was mixed and was concerned by margin pressures.
If you need a lift after these declines then don't miss out on this hot small cap stock which has been tipped as a market beater.
A little-known ASX company just unlocked what some experts think could be the key to profiting off the coming marijuana boom.
And make no mistake – it is coming. To the tune of an estimated $US22 billion.
Cannabis legalisation is sweeping over North America, and full legalisation arrived in Canada in October 2018.
Here's the best part: we think there's one ASX stock that's uniquely positioned to profit immensely from this explosive new industry... taking savvy investors along for what could be one heck of a ride.
AND, this is the first time The Motley Fool Australia has EVER put a BUY recommendation on a marijuana stock.
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of Super Retail 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.