These were the worst performing ASX 200 shares last week

Afterpay Ltd (ASX:APT) and Flight Centre Travel Group Ltd (ASX:FLT) shares were amongst the worst performers on the ASX 200 index last week…

| More on:
a woman

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Concerns over the escalation of the coronavirus outbreak weighed heavily on the S&P/ASX 200 Index (ASX: XJO) last week.

The benchmark index closed the week a disappointing 722.7 points or 13.1% lower at 4,816.6 points.

Whilst a good number of shares tumbled lower over the period, some fell more than most. Here's why these were the worst performers on the ASX 200 last week:

The Southern Cross Media Group Ltd (ASX: SXL) share price was the worst performer on the ASX 200 last week with a decline of 51%. Investors have been selling media companies this month amid fears that demand for advertising could fall because of the coronavirus outbreak. 

The Flight Centre Travel Group Ltd (ASX: FLT) share price was out of form last week and sank 48% lower before being placed in a trading halt. Investors were selling travel booking companies following the announcement of strict travel restrictions and lockdowns globally. In addition to this, investors responded negatively to news that rival Webjet Limited (ASX: WEB) is launching a capital raising in order to secure its future during these incredibly tough market conditions. This sparked concerns that Flight Centre would follow suit.

The Credit Corp Group Limited (ASX: CCP) share price was sold off last week and dropped 48%. Concerns that a deterioration in economic conditions could reduce the capacity of its customers to make repayments was weighing on the debt collector's shares. In response to this the company released a trading update which revealed that it has continued to perform strongly over recent weeks and has seen no material impacts arising from COVID-19. However, it acknowledged that it is uncertain if this will remain the case and withdrew its guidance accordingly.

The Afterpay Ltd (ASX: APT) share price lost 46.6% of its value last week. Investors were selling the buy now pay later provider's shares last week due to the coronavirus outbreak. There are concerns that increasing unemployment because of temporary and permanent business closures could impact its sales growth and cause a spike in bad debts. The company has refuted this but it doesn't appear to have convinced everyone in the market.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Flight Centre Travel Group Limited and Webjet Ltd. The Motley Fool Australia owns shares of AFTERPAY T FPO. 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.

More on Share Fallers

A young man clasps his hand to his head with his eyes closed and a pained expression on his face as he clasps a laptop computer in front of him, seemingly learning of bad news or a poor investment.
Share Fallers

Why Burgundy Diamond Mines, Clarity Pharmaceuticals, EML, and Zip are sinking today

These ASX shares are ending the week in the red. But why?

Read more »

A worried man holds his head and look at his computer.
Share Fallers

Why 29Metals, Brainchip, Platinum, and Premier Investments shares are falling today

These ASX shares are having a tough time on hump day.

Read more »

Man with his head in his head because of falling share price.
Share Fallers

Why 29Metals, Atlas Arteria, IDP Education, and Mineral Resources shares are falling

These ASX shares are having a tough time on Tuesday. But why?

Read more »

A man sits in despair at his computer with his hands either side of his head, staring into the screen with a pained and anguished look on his face, in a home office setting.
Share Fallers

Why ALS, EOS, NRW, and Patriot Battery Metals are dropping today

These ASX shares are starting the week in the red.

Read more »

A man looking at his laptop and thinking.
Technology Shares

Why are these ASX tech shares getting smashed today?

Owners of these two stocks are missing out today.

Read more »

a man weraing a suit sits nervously at his laptop computer biting into his clenched hand with nerves, and perhaps fear.
Share Fallers

Why AGL, Brickworks, IGO, and New Hope shares are dropping today

These ASX shares are having a poor session. But why?

Read more »

Frustrated stock trader screaming while looking at mobile phone, symbolising a falling share price.
Share Fallers

Why Amcor, Arafura, Brainchip, and South32 shares are tumbling today

These ASX shares are having a tough time on hump day. But why?

Read more »

A young woman holds an open book over her head with a round mouthed expression as if to say oops as she looks at her computer screen in a home office setting with a plant on the desk and shelves of books in the background.
Share Fallers

Why Aussie Broadband, Liontown, Metals Acquisition, and Seek shares are falling

These ASX shares are having a poor session. But why?

Read more »