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.
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Returns as of 6th October 2020
Motley Fool contributor James Mickleboro owns shares of NEXTDC Limited. 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.