The S&P/ASX 200 Index (ASX: XJO) was on form again last week and recorded its fourth weekly gain in a row. The benchmark index ended the period with a weekly gain of 1.9% to 5487.5 points.
Not all shares were able to follow the market higher last week. Here's why these were the worst performers on the ASX 200:
The Webjet Limited (ASX: WEB) share price was the worst performer on the index last week with a decline of 11.6%. The online travel agent's shares have fallen heavily since its highly dilutive capital raising. For the same reason, the Flight Centre Travel Group Ltd (ASX: FLT) share price was out of form and sank 9% lower last week. However, both companies believe they now have the liquidity required to weather the coronavirus crisis.
The Whitehaven Coal Ltd (ASX: WHC) share price wasn't far behind with a decline of 10.7%. Investors were selling the coal miner's shares after the release of a disappointing quarterly production update. One broker that was not impressed was Macquarie. Its analysts downgraded its shares to an underperform rating and cut their price target on them to $1.80. As a result of its poor performance, the broker expects Whitehaven Coal to miss its production guidance for FY 2020.
The Coca-Cola Amatil Ltd (ASX: CCL) share price was out of form and dropped 8.3% last week. The majority of this decline came on Friday after the beverage company released a trading update. That update revealed that Coca-Cola Amatil has experienced a sharp decline in sales volume this month because of the coronavirus pandemic. However, management believes its balance sheet is strong enough to withstand these tough trading conditions.
The Unibail-Rodamco-Westfield (ASX: URW) share price had a disappointing week and fell 8% over the period. This decline appears to have been driven by news that France and the United Kingdom are extending their lockdowns for at least three more weeks. The company owns a large number of shopping centre properties in these markets.
