It was another positive week of trade for the Australian share market last week. The S&P/ASX 200 index climbed a solid 2% to close the week at 6751.3 points, leaving it within sight of its record high.
Unfortunately, not all shares on the benchmark index climbed higher last week. Here's why these shares were the worst-performers over the period:
The Speedcast International Ltd (ASX: SDA) share price was far and away the worst performer on the ASX 200 last week with a massive 48% decline. Investors hit the sell button after the satellite communications company downgraded its full year guidance. Speedcast advised that it now expects adjusted 2019 EBITDA to be in the region of US$140 million to US$150 million, compared to its prior guidance of $160 million to $171 million. Speedcast has a history of downgrading its guidance in recent times.
The Bravura Solutions Ltd (ASX: BVS) share price tumbled 8.5% last week. Investors headed to the exit after the fintech company was significantly outbid by rivals for GBST Holdings Limited (ASX: GBT). Last week Bravura made a final offer of $3.00 cash per share for GBST, whereas GBST received a $3.60 per share offer from SS&C Technologies on Wednesday. And UK-based FNZ is rumoured to have tabled a $3.65 per share offer on Friday.
The Pilbara Minerals Ltd (ASX: PLS) share price continued its slide and dropped a further 8.3% last week. Its shares came under pressure after analysts at Macquarie Wealth Management spoke negatively about the lithium industry. The broker believes it is now only a matter of time until some lithium producers go out of business.
The Aristocrat Leisure Limited (ASX: ALL) share price underperformed the market last week with a 5.1% decline. This decline may have been caused by the release of game installation data in New South Wales which revealed that Aristocrat Leisure has suffered a material decline in volumes and captured its lowest share since 2015.
