The S&P/ASX 200 Index (ASX: XJO) was on form again last week and recorded a 4.7% gain to finish it at 5755.7 points.
While a good number of shares climbed higher with the market, not all were on form last week.
Here’s why these were the worst performing ASX 200 shares over the period:
The TechnologyOne Ltd (ASX: TNE) share price was the worst performer on the ASX 200 with a 7.8% decline. The enterprise software company’s shares have come under pressure since the release of its half year results the previous week. One broker that wasn’t overly impressed was UBS. It has downgraded TechnologyOne’s shares to a sell rating with an $8.20 price target. Its shares ended the week at $9.14.
The Worley Ltd (ASX: WOR) share price wasn’t far behind with a decline of 7.2% last week. The majority of this decline came on Friday when its shares fell 6% on the back of no news. Not even a positive broker note out of Citi could stop its shares from sliding lower. The broker has slapped a buy rating and $12.20 price target on its shares. This is materially higher than where its shares finished the week.
The Saracen Mineral Holdings Limited (ASX: SAR) share price was out of form and fell 5.4% last week. A number of gold miners tumbled lower last week after the price of the precious metal pulled back. This was driven by lower demand for safe haven assets after investors switched back to risk assets.
The CSL Limited (ASX: CSL) share price was an uncharacteristically poor performer last week and dropped 5.1%. This appears to have been driven by profit taking after some strong gains over the last 12 months. One broker that believes this is a buying opportunity is Citi. Last week it upgraded its shares to a buy rating with a $334.00 price target.
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More reading
- Insiders have been buying these ASX shares this week
- Build wealth for life with these 2 ASX 200 shares
- Why I think the CSL share price is a strong buy today
- 10 quality ASX shares to buy in June
- 3 fantastic ASX growth shares I would buy and hold for decades
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 CSL Ltd. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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