The S&P/ASX 200 index was out of form last week. The benchmark index had its worst week in a year and dropped a disappointing 3% to 6,517.1 points.
Whilst a good number of shares tumbled lower last week, some fell more than most. Here's why these were the worst performers on the S&P/ASX 200 index over the period:
The Galaxy Resources Limited (ASX: GXY) share price was the worst performer on the benchmark index last week with a decline of 13%. Investors were quick to hit the sell button after lithium prices dropped to two-year lows. It wasn't just Galaxy sinking lower, the Pilbara Minerals Ltd (ASX: PLS) share price tumbled a sizeable 10.8% last week.
The Webjet Limited (ASX: WEB) share price continued its slide and sank a further 11%. Investors have been selling the online travel agent's shares over the last couple of weeks due to the collapse of UK partner Thomas Cook. This brought the risks involved with its B2B segment to the attention of investors and appears to have unsettled them. Though, it is worth noting that three of its directors have been buying shares on-market recently, which I feel demonstrates their confidence in its prospects.
The HUB24 Ltd (ASX: HUB) share price wasn't far behind with a decline of 9.9%. Concerns over the negative impacts of rate cuts on its business model appear to be behind this decline. One broker that is bearish on the investment platform company is Macquarie. Last week it retained its underperform rating and $8.72 price target on the company's shares.
The Speedcast International Ltd (ASX: SDA) share price was out of form last week with a decline of 9.2%. Investors appear to have been taking profit after the shares of the provider of remote communications and IT services rocketed higher in September. Speedcast's shares were the second-best performers on the index last month with a gain of 58.1%.
