After a strong start to the week on New Year's Eve, the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) gave back its gains to end it 0.6% lower than where it started at 5,619.4 points.
While a good portion of shares posted declines over the period, some fell more than most.
The worst performers on the ASX 200 last week are listed below. Here's why they underperformed the market:
The Emeco Holdings Limited (ASX: EHL) share price was the worst performer on the benchmark index last week with a decline of just over 9.7%. Emeco is a supplier of safe, reliable and maintained equipment rental solutions to the earthmoving industry. Investors may have been hitting the sell button in a hurry last week after Chinese data sparked fears of slowing economic growth. This may have led to concerns that demand for its equipment could weaken this year. Industry peer Ausdrill Limited (ASX: ASL) also saw its share price fall around 9.7% last week.
The JB Hi-Fi Limited (ASX: JBH) share price was not far behind with a sizeable decline of 8.2%. The retailer's shares were sold off after outdoor retailer Kathmandu Holdings Ltd (ASX: KMD) released a surprisingly weak trading update and downgraded its half year guidance. Its sales over the Christmas period fell well short of expectations, sparking fears that other retailers may have struggled as well. The Super Retail Group Ltd (ASX: SUL) share price was also hit hard on the news, falling 7% last week.
The Automotive Holdings Group Ltd (ASX: AHG) share price was the next worst performer with a decline of 7.4% last week. The auto retailer's shares continue to be sold off amid concerns that the cooling housing market and regulatory intervention are making trading conditions extremely challenging. This decline means Automotive Holdings Group's shares are down 61% since this time last year.
