The S&P/ASX 200 Index (ASX: XJO) was on form again last week and charged notably higher. The benchmark index gained a sizeable 6.95% to end the period at 5,387.3 points.
Unfortunately, not all shares on the index were climbing higher last week. Here’s why these were the worst performers on the ASX 200:
The Fisher & Paykel Healthcare Corp Ltd (ASX: FPH) share price was the worst performer on the index last week with an 11% decline. With no news out of the medical device company, this decline appears to have been driven by profit taking. Prior to last week, Fisher & Paykel Healthcare’s shares were up 38% year to date. Investors have been buying its shares due to increasing demand for its products during the coronavirus pandemic.
The NEXTDC Ltd (ASX: NXT) share price ended its impressive run and fell 5.8% last week. Investors may believe the data centre operator’s shares have peaked after a strong gain in 2020. Investors have been buying its shares due to its bullish profit guidance and the successful completion of its fully underwritten institutional placement to raise $672 million. These funds will be used to support its growth agenda. This includes the proposed development of a new data centre in Sydney to meet increasing demand.
The Chorus Ltd (ASX: CNU) share price was out of form and fell 4.5% last week. This decline appears to have been driven by a third quarter connections update. The New Zealand-based telco reported a 4% decline in total broadband connections to 1,202,000. The company also noted a spike in data consumption because of the coronavirus. Monthly average data usage for March grew to 346GB, up 18% from 293GB in the December quarter.
The Aurizon Holdings Ltd (ASX: AZJ) share price wasn’t far behind with a 3.6% over the period. This was despite there being no news out of the rail freight company last week. This latest decline means Aurizon’s shares are now down almost 30% from their 52-week high.