The S&P/ASX 200 index bounced back from a disappointing start to the week to record a gain of 0.7% last week.
Unfortunately, not all shares on the index were able to follow the market higher. Here's why these shares were the worst performers on the ASX 200 last week:
The Syrah Resources Ltd (ASX: SYR) share price was the worst performer on the ASX 200 last week with a decline of 20%. One of the catalysts for the graphite miner's sizeable decline was its second quarter production guidance downgrade. According to the release, management expects production in the current quarter to be in the range of 45kt to 50kt, compared to its previous guidance of 50kt to 55kt. It also advised that quarter-to-date, its weighted average price received is US$466 per tonne, down from an average of US$469 per tonne in the prior quarter.
The Vocus Group Ltd (ASX: VOC) share price wasn't far behind with a decline of 16.5% over the period. The telco company's shares were sold off early in the week after it revealed that takeover discussions with EQT Infrastructure had been terminated. The company revealed that after an accelerated period of due diligence, EQT decided not to proceed with its $5.25 cash per share offer.
The Bravura Solutions Ltd (ASX: BVS) share price fell by a sizeable 13.5% last week. Its shares came under pressure after a profit upgrade by takeover target GBST Holdings Limited (ASX: GBT) sent its share price notably higher than Bravura's offer price. This is likely to mean that Bravura will either have to lift its offer considerably or pull out of the deal.
The Resolute Mining Limited (ASX: RSG) share price tumbled almost 9.5% over the period. The majority of this decline came on Friday when the gold miner's shares inexplicably dropped almost 8%. Resolute has been a very disappointing performer in 2019 despite the gold price climbing notably higher. Its shares are down 11% year to date compared to the S&P/ASX All Ords Gold index which is up 14% in 2019.
