Despite a reasonably positive finish to the week, trade war concerns dragged the S&P/ASX 200 index down 25 points or 0.4% for the week to 6310.9 points.
Whilst this was disappointing, spare a thought for shareholders of the shares listed below which were the worst performers on the benchmark index last week:
The Adelaide Brighton Ltd (ASX: ABC) share price was the worst performer on the ASX 200 last week with an 18% decline. Investors sold the construction products company's shares last week after it released a disappointing market update. Due partly to the further softening of demand for construction materials in the residential market, Adelaide Brighton's profits are expected to fall between 10% and 15% in FY 2019. This result appears to have weighed on others in the sector, leading to the NRW Holdings Limited (ASX: NWH) share price falling 13.5% and the Emeco Holdings Limited (ASX: EHL) share price dropping 12% over the period.
The GrainCorp Ltd (ASX: GNC) share price wasn't far behind with a decline of 15%. The integrated grain company came under pressure after the release of its half year results. Due partly to the drought in eastern Australia, GrainCorp posted a disappointing statutory net loss of $59 million in the first half. This compares to a statutory profit after tax of $36 million in the prior corresponding period. And although the market was forecasting GrainCorp to post a loss, this was notably worse than expected.
The Treasury Wine Estates Ltd (ASX: TWE) share price was a poor performer last week with a decline of 11.5%. The wine company's shares dropped lower amid trade war concerns and news that its CEO had sold a significant number of shares. According to a change of director's interest notice, Michael Clarke sold 400,000 ordinary shares on market for a total consideration of just under $6.9 million. Whilst it is disappointing to see a CEO sell such a large number of shares, he does still have plenty of skin in the game with a holding of 1,795,445 Treasury Wine Estates shares and 1,252,451 performance rights.
