It was another solid week for the S&P/ASX 200 Index (ASX: XJO). The benchmark index rose 46.3 points or 0.6% over the five days to end at 7,394.4 points.
Unfortunately, not all ASX 200 shares were able to climb higher with the market. Here’s why these were the worst performers on the index:
Silver Lake Resources Limited (ASX: SLR)
The Silver Lake share price was the worst performer on the ASX 200 last week with an 11% decline. The majority of this decline occurred on Friday following the release of the gold miner’s quarterly update. That update revealed that Silver Lake achieved quarterly production of 62,126 ounces of gold and quarterly gold sales of 60,617 ounces. Looking ahead, management expects broadly flat sales with higher all-in sustaining costs in FY 2022.
Altium Limited (ASX: ALU)
The Altium share price wasn’t too far behind with a 9.4% decline over the five days. This was driven by news that US software giant Autodesk has ended takeover talks with the electronic design software company. Autodesk is understood to have verbally offered to increase its takeover offer from $38.50 per share to $40.00 per share, but Altium wasn’t interested.
Evolution Mining Ltd (ASX: EVN)
The Evolution share price was just a touch behind with a decline of almost 9.4%. Investors were selling the gold miner’s shares after brokers responded negatively to its strategy update. Macquarie, for example, downgraded its shares to an underperform rating with a $4.00 price target after its costs and capital expenditure outlook came in much higher than expected. Offsetting some of this decline was a solid gain on Friday following the announcement of a key acquisition.
Crown Resorts Ltd (ASX: CWN)
The Crown share price was a poor performer and sank 8.4% last week. This was driven largely by concerns that the casino operator could lose its Melbourne licence. In addition to this, news that Star Entertainment Group Ltd (ASX: SGR) is walking away from merger talks also weighed on its shares. Although Star remains interested in a potential merger, it notes that there is too much uncertainty at present. Especially given the aforementioned Melbourne casino licence concerns.
The post These were the worst performing ASX 200 shares last week appeared first on The Motley Fool Australia.
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More reading
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- ASX 200 edges higher, Crown falls, Pointsbet rises
- These ASX 200 shares were the most heavily traded today
- Why BARD1, Imugene, Northern Star, & Silver Lake shares are sinking
- ASX 200 travel shares slide as New Zealand closes travel bubble
Motley Fool contributor 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 and has recommended Altium. The Motley Fool Australia owns shares of and has recommended Altium. 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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