The S&P/ASX 200 index bounced back from its meltdown on Tuesday to record a weekly gain of 0.9% last week.
Unfortunately, not all shares on the index were able to follow the market higher. Here's why these shares were the worst performers on the ASX 200 last week:
The Reliance Worldwide Corporation Ltd (ASX: RWC) share price was the worst performer on the ASX 200 last week with a decline of 16.7%. The plumbing parts company's shares came under pressure after it downgraded its full year earnings guidance following weaker than expected sales across the majority of its businesses.
The Mayne Pharma Group Ltd (ASX: MYX) share price was the next worst performer with a decline of 12.7%. Investors were quick to hit the sell button after the pharmaceutical company released a disappointing market update which revealed that its key Generics Products division has been underperforming expectations. During the first four months of the second half the division has posted a 32% decline in revenue compared to the prior corresponding period.
The National Australia Bank Ltd (ASX: NAB) share price sank 7.8% lower last week. The majority of the banking giant's decline can be attributed to its shares trading ex-dividend last week for its fully franked 83 cents per share interim dividend. This dividend will now be paid to eligible shareholders in approximately six weeks on July 3. In addition to this, a weaker than expected quarterly result from rival Commonwealth Bank of Australia (ASX: CBA) also weighed on the banking sector.
The McMillan Shakespeare Limited (ASX: MMS) share price sank 7.2% lower despite there being no news out of the salary packaging company. However, McMillan Shakespeare's shares had been on a good run, rising 11% over the previous 30 days. This could mean some investors may have decided to take profit and move onto other opportunities where they saw more value.
