A soft end to the week led to the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) posting a decline of 0.1% last week.
Some of the biggest drags on the benchmark index during the week are listed below. Here's why they were the worst performing shares:
The Syrah Resources Ltd (ASX: SYR) share price was the worst performer on the ASX 200 last week with a decline of almost 28%. Investors were hitting the sell button in a hurry last week following the release of the graphite producer's fourth quarter update. Although Syrah met its revised production target, the update revealed weaker pricing and higher costs than the market had anticipated.
The Eclipx Group Ltd (ASX: ECX) share price was the next worst performer with a disappointing decline of over 15%. The shares of the provider of fleet, equipment leasing and management, vehicle rentals and online auction services fell heavily after it provided its FY 2019 net profit after tax and before amortisation (NPATA) guidance. Softer retail market conditions and weakness in insolvency and industrial auctions means NPATA is expected to be flat year on year.
The Qantas Airways Limited (ASX: QAN) share price wasn't far behind with a decline of just over 11%. The catalyst for this decline was a trading update from rival airline Air New Zealand Limited (ASX: AIZ). The New Zealand-based airline downgraded its profit guidance significantly due to slowing growth in leisure travel within the New Zealand domestic market and softening inbound tourism traffic.
The ResMed Inc. (ASX: RMD) share price made the list for a second week in a row with a decline of over 9%. Investors have been selling its shares after the sleep treatment company's second quarter result wasn't as strong as the market expected. ResMed achieved sales of US$651 million during the quarter, up 8% on the prior corresponding period. Weakness in its Rest of the World segment appears to have spooked investors.
