It certainly was a fantastic five days for the S&P/ASX 200 Index (ASX: XJO) last week. The benchmark index stormed 4.2% higher over the period to end at 5998.69 points.
Not all shares were able to climb higher with the market, though. Here's why these were the worst performers on the ASX 200:
The Gold Road Resources Ltd (ASX: GOR) share price was the worst performer on the ASX 200 last week with a 14.4% decline. This was driven by a pullback in the gold price after risk appetite improved. A number of other gold miners including Evolution Mining Ltd (ASX: EVN), Northern Star Resources Ltd (ASX: NST), Saracen Mineral Holdings Limited (ASX: SAR), and Silver Lake Resources Limited (ASX: SLR) were also among the worst performers during the week.
The Nufarm Limited (ASX: NUF) share price was a poor performer last week and fell 8.9%. This decline appears to have been driven by a broker note out of Macquarie. According to the note, the broker downgraded Nufarm's shares to an underperform rating with a $4.85 price target. Its analysts were underwhelmed with its trading update and appear concerned over its prospects in the important fourth quarter.
The Pro Medicus Limited (ASX: PME) share price was out of form and fell 8% over the period. This was despite the healthcare technology company announcing a major contract win. It appears as though a broker note out of UBS offset this good news. The broker downgraded Pro Medicus' shares to a neutral rating with a $29.65 price target. It made the move on valuation grounds.
The TPG Telecom Ltd (ASX: TPM) share price wasn't far behind with a 7.2% decline last week. It looks as though some investors were taking a bit of profit off the table after a strong share price gain over the last month. TPG Telecom's gain since the beginning of May was driven by optimism over the progress it is making with its merger plans with Vodafone Australia.
