The S&P/ASX 200 index returned to form last week and pushed notably higher. Over the period the benchmark index gained 93.1 points or 1.4% to end it at 6793.4 points.
Unfortunately, not all shares on the benchmark index managed to follow its lead last week.
Four shares that sank notably lower are listed below. Here's why they were the worst-performers on the ASX 200:
The Iluka Resources Limited (ASX: ILU) share price was the worst-performer on the index last week with a decline of 14.7%. The mineral sands producer's shares came under significant pressure after its quarterly update failed to live up to expectations. In addition to this, a broker note out of UBS appeared to weigh on its shares. According to the note, its analysts were disappointed with the quarter and downgraded its shares to a neutral rating with a reduced price target of $10.60.
The Regis Resources Limited (ASX: RRL) share price tumbled 13.5% lower last week. The catalyst for this decline is likely to have been broker notes out of UBS and the Macquarie Group Ltd (ASX: MQG) equities desk. Macquarie downgraded Regis Resources' shares to an underperform rating and slashed the price target on them down to $5.10. Whereas UBS downgraded them to a sell rating with a $4.85 price target. Both brokers appeared to be disappointed with the gold miner's rising costs.
The Lynas Corporation Ltd (ASX: LYC) share price tumbled 5.9% lower despite there being no news out of the rare earths producer. But with its shares up materially this year, I suspect that some of this decline could be attributable to profit taking from investors. Even after last week's decline its shares are up 73% since the turn of the year.
The Fortescue Metals Group Limited (ASX: FMG) share price fell 4.7% last week. The iron ore producer's shares dropped lower following the release of its fourth quarter update. Although that update appeared to meet the market's expectations, investors may have been hoping Fortescue would perform even better. A decline in iron ore prices also weighed on the shares of Fortescue and its iron ore peers.
