Last week was another positive one for the S&P/ASX 200 Index (ASX: XJO). The benchmark index climbed a sizeable 1.7% to end the period at 5,497 points.
Unfortunately, not all shares were pushing higher with the market last week.
Here’s why these were the worst performing ASX 200 shares over the period:
The Southern Cross Media Group Ltd (ASX: SXL) share price was the worst performer on the index with a 9.4% decline. This media company’s shares have been very volatile during the pandemic due to concerns over weak advertising markets and its highly dilutive capital raising. This latest decline means the Southern Cross Media share price is now down 86% from its 52-week high.
The Austal Limited (ASX: ASB) share price was out of form and fell 8.3% last week. This shipbuilder’s shares have come under pressure this month after it was overlooked for a major U.S. Navy project. Austal was competing to construct Guided-Missile Frigates, but was pipped to the post by Italian rival, Fincantieri. According to Reuters, the 10-ship contract is believed to be worth upwards of US$5.5 billion.
The Unibail-Rodamco-Westfield (ASX: URW) share price was a poor performer with a 7.9% decline. This led to the shopping centre operator’s shares hitting a record low last week. Investors have been selling the company’s shares amid concerns over lockdowns and the state of bricks and mortar retailing across the world. The Unibail-Rodamco-Westfield share price is now down 70% from its 52-week high.
The NIB Holdings Limited (ASX: NHF) share price wasn’t far behind with a 6.5% decline. This follows the release of government data last week which revealed that thousands of people have dumped their private health insurance during the pandemic. APRA’s data showed that younger demographics have been cancelling their policies during the three months to March 31. Cost savings and the inability to use their extras is likely to be driving the cancellations.
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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Austal Limited. The Motley Fool Australia has recommended NIB Holdings Limited. 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.