The S&P/ASX 200 Index (ASX: XJO) was unable to make it eight successive weeks of gains and slipped lower last week. The benchmark index fell 10.7 points or 0.2% to end at 6,664.8 points.
While a number of shares dropped lower with the market, some fell more than most. Here’s why these were the worst performing ASX 200 shares last week:
AGL Energy Limited (ASX: AGL)
The AGL share price was the worst performer on the ASX 200 last week with an 8.8% decline. Investors were selling the energy company’s shares after it downgraded its guidance. AGL now expects its net profit after tax to be in the range of $560 million to $660 million this year. This is down from its prior guidance of $500 million to $580 million and represents an 11% reduction at the midpoint. Weak wholesale prices are partly to blame for its underperformance.
Nearmap Ltd (ASX: NEA)
The Nearmap share price wasn’t far behind with a 7.7% decline last week. This is despite there being no news out of the aerial imagery technology and location data company. However, a week earlier, analysts at Macquarie downgraded the company’s shares to a neutral rating and cut the price target on them to $2.40. Its analysts suspect that a rotation to value and cyclical stocks could weigh on Nearmap’s shares in the near term.
Resolute Mining Limited (ASX: RSG)
The Resolute share price was out of form and dropped 6.7% over the four days. This appears to have been driven by a spot of weakness in the gold price last week. It wasn’t just the Resolute share price dropping lower. A number of other gold miners also recorded disappointing declines. This led to the S&P/ASX All Ordinaries Gold index losing 3% of its value last week.
AMP Ltd (ASX: AMP)
The AMP share price dropped 5.9% lower last week. This is despite there being no news out of the financial services company. However, prior to last week, the AMP share price was up over 30% since the start of November. This could have led to some investors taking a bit of profit off the table ahead of the Christmas break.
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Returns as of 6th October 2020
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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Nearmap Ltd. The Motley Fool Australia has recommended Nearmap Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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