Last week the S&P/ASX 200 Index (ASX: XJO) bounced back from a poor start to end the period flat at 6,828.7 points
Acting as a drag on proceedings last week were the shares listed below. Here’s why they were the worst performers on the ASX 200:
Webjet Limited (ASX: WEB)
The Webjet share price was the worst performer on the ASX 200 last week with a 7.9% decline. The online travel agent’s shares came under pressure after the announcement of a convertible note offering to raise $250 million. The net proceeds from the offering will be used to repay $43 million of Webjet’s existing term debt, fund potential acquisitions, and for capital management or general corporate purposes. Investors appear disappointed that the company is raising funds and diluting them again.
Gold Road Resources Ltd (ASX: GOR)
The Gold Road share price was out of form and sank 7.8% over the four days. This was despite there being no news out of the gold miner. However, weakness in the gold price could’ve been partly to blame for this. At one stage last week, the price of the precious metal dropped to a three-week low.
Eagers Automotive Ltd (ASX: APE)
The Eagers Automotive share price wasn’t far behind with a decline of 7.75% last week. Some of this decline is attributable to the auto retailer’s shares going ex-dividend on Wednesday. Eligible Eagers Automotive shareholders can now look forward to receiving its 25 cents per share final dividend later this month on 20 April.
Inghams Group Ltd (ASX: ING)
The Inghams share price was a poor performer and fell 6.7% over the period. Investors were selling this poultry company’s shares after it announced the sudden exit of its CEO, Jim Leighton. According to the release, Mr Leighton is leaving the CEO role to return to the United States due to personal reasons. He will be placed by non-executive director, Andrew Reeves. Mr Reeves was previously the CEO of George Weston Foods.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Webjet Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.