The Australian share market was off form last week and dropped lower after solid U.S. economic data appeared to rule out multiple rate cuts by the Federal Reserve.
This led to the S&P/ASX 200 index sliding 54.8 points or 0.8% to 6696.5 points.
A number of shares performed even worse than the index. Here's why these shares 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 disappointing 10.75% decline. The childcare centre operator's shares came under significant selling pressure last week after its shares were downgraded by a leading broker.
The Nearmap Ltd (ASX: NEA) share price wasn't far behind G8 Education with a sizeable decline of 9.2%. All of this decline came on Friday following the release of its preliminary full year results. Although the aerial imagery technology and location data company delivered record annualised contract value (ACV) growth, it appears to have fallen short of expectations. Nearmap's ACV grew 36% to $90.2 million in FY 2019 thanks to explosive growth in the United States.
The NRW Holdings Limited (ASX: NWH) share price tumbled 9% lower last week after the mining services company reported a fatal accident at Golding's Baralaba North coal mine. In response to the tragic accident, operations at the mine have been halted until further notice. The company advised that Golding is working closely with the Queensland Police and the Mining Inspectorate who are conducting a full investigation into the accident.
The Afterpay Touch Group Ltd (ASX: APT) share price was off form last week with a decline of 8.8%. The catalyst for this decline was the payments company being removed from the conviction buy lists of two brokers. Both Goldman Sachs and Ord Minnett took the fast-growing company's shares off their lists following their impressive run in 2019. Ord Minnett also appeared concerned about Visa entering the buy now, pay later space.
