Last week the S&P/ASX 200 index hit an all-time high on Tuesday but ended up recording a 0.4% or 24.8 points decline due to trade war concerns and less than dovish comments out of the Federal Reserve
A number of shares dropped lower last week, but some more so than others. The four shares listed below were the worst-performers on the ASX 200 last week. Here's why:
The Adelaide Brighton Ltd (ASX: ABC) share price was the worst performer on the benchmark index last week with a 21.2% decline. Investors headed to the exits in their droves after the building products company released a very disappointing trading update. Due partly to the softening of conditions in the residential and civil construction markets, Adelaide Brighton expects underlying net profit after tax (excluding property) to be down 31.5% to 37% in FY 2019. In May the company had advised investors to expect a decline of around 10% to 15% year on year.
The CYBG PLC (ASZ: CYB) share price had a week to forget after falling a sizeable 20.3%. The UK-based bank's shares sank lower after the release of a disappointing update. CYBG warned that a large volume of mortgages have been paid off by customers during the third quarter, resulting in a negative impact on its lending income. Weakness in the British pound due to no-deal Brexit concerns also weighed on the bank's shares.
The Janus Henderson Group PLC (ASX: JHG) share price sank 14.7% last week. The catalyst for this was the fund manager's second quarter update. Janus Henderson reported net income of US$109.4 million in the second quarter and US$229.7 million in the first half. The latter was a 22% decline on the prior corresponding period. The company also revealed that it has been struggling with its assets under management and experienced a material net outflow of funds.
The BINGO Industries Ltd (ASX: BIN) share price ended its positive run and dropped 13.3% last week. Investors sold off the waste management company's shares after analysts at Goldman Sachs took them off its coveted conviction buy list and downgraded them to a neutral rating with a $2.80 price target. Goldman made the move on valuation grounds after a strong share price rally over the last few months. BINGO's shares had been up 71% since the end of March prior to the downgrade.
