Although the share market raced higher on Friday, it wasn't enough to take the S&P/ASX 200 index into positive territory for the week. The benchmark index finished 0.2% lower for the week at 6,716.1 points.
A number of shares fell notably more than the index over the period. Here's why these shares were the worst performers on the benchmark index last week:
The Resolute Mining Limited (ASX: RSG) share price was the worst performer on the benchmark index last week with a decline of 11.2%. Investors were selling gold miners again last week after a pullback in the gold price caused by comments out of the U.S. Federal Reserve which revealed that there may not be any further rate cuts in the near future. Also falling heavily was the Silver Lake Resources Limited (ASX: SLR) share price with a decline of 6.9%.
The CYBG PLC (ASX: CYB) share price tumbled 7.9% last week. This decline may have been caused by political turmoil in the UK after the decision by prime minister Boris Johnson to suspend Parliament was ruled "unlawful" and "void". In other news, the UK-based bank announced plans to cut around 330 jobs ahead of its merger with Virgin Money.
The Sims Metal Management Ltd (ASX: SGM) share price was amongst the worst performers on the market for the second week in a row with a decline of 7.6%. Investors have been heading to the exits in their droves after the scrap metal company warned that its first half result would be down materially on the prior corresponding period. Management blamed its underperformance on the negative impact of the trade war on demand and the prices of ferrous and no-ferrous metals.
The Worleyparsons Limited (ASX: WOR) share price dropped 6.6% last week despite there being no news out of the mining services company. This latest decline means that Worleyparsons' shares have now lost a third of their value since this time last year.
