It was a disappointing finish to the year for the S&P/ASX 200 Index (ASX: XJO). The benchmark index fell 1.2% over the shortened week to end at 6,587.1 points.
Four shares that fell more than most are listed below. Here’s why they were the worst performers on the index last week:
Growthpoint Properties Australia Ltd (ASX: GOZ)
The Growthpoint Properties Australia share price was the worst performer on the ASX 200 last week with a 5.4% decline. This was driven by the property company’s shares trading ex-dividend for its interim dividend. For the same reason, APA Group (ASX: APA), Mirvac Group (ASX: MGR), Stockland Corporation Ltd (ASX: SGP), and Vicinity Centres (ASX: VCX) shares tumbled lower last week.
GUD Holdings Limited (ASX: GUD)
The GUD share price was out of form last week and dropped 4.2% lower over the shortened week. On Friday the automotive and water products company completed the acquisition of the ACAD business from AMA Group Ltd (ASX: AMA) for $70 million. This excludes the ACM Auto Parts and Fluiddrive businesses. Given that its shares have underperformed since announcing the deal, investors may not be overly convinced with the purchase.
QBE Insurance Group Ltd (ASX: QBE)
The QBE share price wasn’t far behind with a 3.7% decline. The insurance giant’s shares have come under pressure recently after it provided its guidance for FY 2020. QBE expects to report an adjusted net cash loss after tax of approximately $780 million. This includes a pre-tax impact of $470 million from COVID-19 costs. There are also additional claims from trade credit, lenders’ mortgage insurance, casualty classes and business interruption.
Bingo Industries Ltd (ASX: BIN)
The Bingo share price lost 3.6% of its value last week. While there was no news out of the waste management company last week, there had been speculation that it was a takeover target for private equity firms. However, with no bid forthcoming, some investors may have been selling its shares.
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Returns as of 6th October 2020
More reading
- The 5 worst performing ASX 200 shares of 2020
- The ASX sectors hardest hit by COVID-19 in 2020
- ASX 200 drops 1.4%
- 2020 ASX recap of the year we’ll never forget
- Cimic (ASX:CIM) share price wobbles on $2.2 billion sale news
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of APA Group. 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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