Due to recession concerns in the United States weighing on investor sentiment, last week the S&P/ASX 200 index fell 0.9% to 6396.9 points.
Four shares that fell more than most last week are listed below. Here's why they were the worst performers on the benchmark index over the period:
The Link Administration Holdings Ltd (ASX: LNK) share price was the worst performer on the ASX 200 last week with a decline of 22.5%. Investors were quick to hit the sell button after the release of a disappointing trading update. Link advised that it expects FY 2019 operating NPATA of between $195 million and $205 million, which was well short of the market's expectations and down from $206.7 million in FY 2018. Management revealed that the underperformance was largely due to the negative impact of Brexit on its UK business.
The Costa Group Holdings Ltd (ASX: CGC) share price wasn't far behind with a disappointing decline of 20% over the period. The horticulture company's shares were sold off after it downgraded its calendar year 2019 earnings guidance at its annual general meeting. Due to issues including lower yields and pricing pressures, Costa expects NPAT-SL to be in the range of $57 million to $66 million this year. This will be an increase of just 0.7% to 16.6%, compared to its previous guidance of at least 30% growth.
The Elders Ltd (ASX: ELD) share price was a poor performer last week with a decline of almost 13% despite there being no news out of the agribusiness company. Some shareholders may have been waiting for its shares to trade ex-dividend last week before selling them to move onto other opportunities. A week earlier Elders reported a 34% decline in its first half net profit. This was caused by prolonged drought conditions, the Queensland floods, lower wool volumes, and reduced cattle prices.
The Pact Group Holdings Ltd (ASX: PGH) share price fell 12% last week even though there was no news out of the packaging company. However, its shares have been under significant selling pressure this year following the release of a disappointing first half result. So much so, the Pact Group share price has now shed 60% of its value over the last 12 months.
