A sizeable decline on Thursday was enough to send the S&P/ASX 200 Index (ASX: XJO) lower last week. The benchmark index tumbled 0.7% lower over the period to 5904.1 points.
While a large number of shares on the index dropped lower last week, some fell more than most. Here’s why these ASX 200 shares were the worst performers on the index:
The Mesoblast limited (ASX: MSB) share price was the worst performer on the index last week with a 19.8% decline. Interestingly, this was the biotech company’s first week on the ASX 200 after joining at the 22 June rebalance. Investors may have been taking profit after some very strong gains over the last few months.
The Corporate Travel Management Ltd (ASX: CTD) share price was out of form last week with an 18.9% decline. Investors were selling travel shares after a spike in coronavirus cases in Victoria sparked fears that the recovery in the domestic travel market might take longer. Also falling heavily were fellow travel bookers Flight Centre Travel Group Ltd (ASX: FLT) and Webjet Limited (ASX: WEB). They dropped 16.8% and 15.1%, respectively, last week.
The oOh!Media Ltd (ASX: OML) share price wasn’t far behind with a 14.9% decline. The outdoor advertising and media company’s shares have come under pressure this month after a disappointing trading update at its annual general meeting. That update revealed that many advertisers have been pushing back their campaigns to the second half of the year.
The Perenti Global Ltd (ASX: PRN) share price was a poor performer with a 14.3% decline. Investors were selling the mining services company’s shares after the release of a business update. Perenti advised that it expects FY 2020 underlying profit after tax to be $106 million to $110 million. This was a 4% to 8% reduction on its guidance that was withdrawn in March.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Corporate Travel Management Limited and Webjet Ltd. The Motley Fool Australia has recommended Flight Centre Travel Group Limited and oOh!Media Ltd. 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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