The S&P/ASX 200 index managed to carve out the smallest of gains last week. The benchmark index finished the week 0.1% higher at 7,139 points.
A number of shares acted as major drags on the index last week. Here's why these were the worst performing ASX 200 shares over the period:
The WiseTech Global Ltd (ASX: WTC) share price was the worst performer on the index by some distance with a decline of 33.6%. This follows the release of its half year results on Wednesday. Although the logistics solutions company delivered solid profit growth during the half, it was forced to downgrade its guidance due to the impact of the coronavirus outbreak. WiseTech was previously guiding to full year EBITDA growth of 34% to 42%. But the coronavirus outbreak means it now expects growth of just 5% to 22%.
The EML Payments Ltd (ASX: EML) share price was out of form and fell a sizeable 18.2% last week following the release of its half year results. Although it delivered stellar earnings growth in the first half, the high-flying payments company's shares came under pressure after it tightened its full year revenue guidance for the full year. Revenue guidance has been tightened from a range of $116 million and $132 million to $120 million and $129 million. I suspect many traders were betting on a big upgrade with its results, such has been its success in recent years.
The Altium Limited (ASX: ALU) share price dropped a disappointing 17.7% last week. Investors were selling the design software provider's shares following the release of its half year results. In the first half of FY 2020, Altium reported a 19% lift in revenue to US$92.85 million and a 22% jump in EBITDA to US$36.8 million. However, due to the coronavirus outbreak and the underperformance of its Octopart business, management warned that it is likely to land at the lower end of its full year guidance range.
The New Hope Corporation Limited (ASX: NHC) share price wasn't far behind with a 16% decline. The coal miner's shares came under pressure amid speculation that Mitsubishi Materials Corporation was offloading its 11.2% stake in the company. Given that over 112 million shares changed hands on Friday, these rumours appear to have some substance. As a comparison, there were just 3.8 million shares traded on Thursday.
