Yesterday the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) finished the week on a disappointing note, leading it to record a weekly decline of approximately 1.4%.
Three ASX 200 shares that acted as a drag on the index last week are listed below. Here's why they were the three worst performers on the benchmark index:
The Domain Holdings Australia Ltd (ASX: DHG) share price fell 12.5% last week. Although a broker note out of the Macquarie equities desk gave the property listings company an outperform rating and $3.00 price target, it did suggest that its FY 2019's earnings could be under pressure from falling listing volumes in key markets. This may have spooked investors and led them to hit the sell button. Rival REA Group Limited (ASX: REA) performed better, but still fell 2.5% during the period.
The Nine Entertainment Co Holdings Ltd (ASX: NEC) share price tumbled 11.5% lower last week due largely to a 9% decline on Friday. Nine Entertainment's shares sank lower despite being named as a new member of the ASX 100 at the expense of struggling retailer Harvey Norman Holdings Limited (ASX: HVN). In other news, the SMH reported that Network Ten won an appeal against Nine and Seven West Media Ltd (ASX: SWM) which has halted the sale of its share of a jointly-owned transmission tower business for $1.
The TPG Telecom Ltd (ASX: TPM) share price dropped a sizeable 14.5% last week, making it the worst performer on the ASX 200. The telco company's shares crashed lower last week after the ACCC voiced concerns over its proposed merger with Vodafone Australia. The ACCC said that "removing TPG as a new independent competitor with its own network, in what is a concentrated market for mobile services, would be likely to result in a substantial lessening of competition."
