Last week was another very positive one for the S&P/ASX 200 index. Thanks to the signing of the US-China phase one trade deal, the benchmark index smashed past the 7,000 points mark for the first time in its history.
The index ended the week a sizeable 2% or 135.1 points higher than where it started it at 7064.1 points.
Not all shares climbed higher, though. Here why these were the worst performing ASX 200 shares last week:
The Nufarm Limited (ASX: NUF) share price was out of form last week and fell 10.2%. The majority of this decline came on Friday when the agricultural chemicals company provided its guidance for the first half. Although it had previously warned that its profits would be materially lower, its guidance was even worse than feared. Nufarm expects its first half EBITDA to be in the range of $55 million and $65 million. This is down significantly from its underlying EBITDA of $120.9 million a year earlier. Tough trading conditions across the business are weighing on its performance.
The Virgin Money UK PLC (ASX: VUK) share price tumbled 6.3% lower last week. The UK-based bank's shares dropped lower despite there being no news out of it. However, I suspect that these declines will have been driven by profit taking after a series of very strong gains following the UK election and the release of its full year result. Even after accounting for last week's decline, Virgin Money's shares are up 55% since the beginning of October.
The Pendal Group Ltd (ASX: PDL) share price wasn't far behind with a 5.3% decline. Investors were selling the fund manager's shares last week after a disappointing quarterly update. One broker that wasn't particularly impressed with its performance was Morgans. In response to its update, the broker downgraded Pendal Group's shares to a hold rating and cut the price target on them to $8.83.
The Super Retail Group Ltd (ASX: SUL) share price fell 3.1% last week. The retail group's shares came under pressure last week after Ord Minnett downgraded them to a hold rating with a $10.00 price target. According to the note, the broker has concerns that the bushfires could be impacting demand for the camping and outdoors products sold by its BCF and Macpac businesses.
