The S&P/ASX 200 index was on form last week and recorded one of its strongest weekly gains in months.
The benchmark index ended the period with a gain of 2.9% to end it at 6929 points.
Not all shares on the index fared as well last week. Here’s why these ASX 200 shares were the worst performers on the index:
Resolute Mining Limited (ASX: RSG)
The Resolute Mining share price was the worst performer on the ASX 200 last week with a 13.7% decline. This decline was triggered by a drop in the gold price after tensions between the U.S. and Iran eased. In addition to this, the gold miner released its December quarter update which revealed that it fell short of its full year production guidance. FY 2019 gold production came in at a total of 384,731 ounces, compared to its guidance of 400,000 ounces. Issues at its Syama Gold Mine in Mali were behind the miss. Also falling heavily last week were Silver Lake Resources Limited (ASX: SLR), Regis Resources Limited (ASX: RRL), and Northern Star Resources Ltd (ASX: NST).
Ingenia Communities Group (ASX: INA)
The Ingenia Communities share price came under pressure last week and fell 5.7%. Its shares came under pressure after providing an update about the impacts of the bushfires on its FY 2020 guidance. Ingenia revealed that none of its tourism parks have suffered substantial fire damage, however two resident owned homes were lost at Ingenia Lifestyle Lake Conjola. Management also warned that visitors to its tourism parks have fallen as tourists and residents were asked to leave the region.
Unibail Rodamco Westfield (ASX: URW)
The Unibail Rodamco Westfield share price was out of form and fell 4.6% despite there being no news out of the commercial real estate giant. However, with its full year result due in the next few weeks, some investors may be taking a bit of profit off the table following a strong share price gain over the last four months. Prior to this week, Unibail Rodamco Westfield shares were up over 18% since September 9.
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Returns as of 6th October 2020
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. 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.