Despite an increase in volatility last month, the S&P/ASX 200 Index (ASX: XJO) still managed to record a solid 2.5% gain to end the period at 5,897.9 points.
Unfortunately, not all shares were able to follow the market higher. Here's why these were the worst performing ASX 200 shares in June:
The Southern Cross Media Group Ltd (ASX: SXL) share price was the worst performer on the ASX 200 with a 25.5% decline. This media company's shares have been incredibly volatile this year and regularly feature among the best and worst performers' lists. Investors appear undecided on how much of a negative impact weak advertising markets will have on its business.
The Nufarm Limited (ASX: NUF) share price wasn't far behind with a decline of 24.3% in June. The catalysts for this decline appear to have been a trading update and a broker note out of Macquarie at the start of the month. According to the note, the broker downgraded Nufarm's shares to an underperform rating with a $4.85 price target. Its analysts were disappointed with the agricultural chemicals company's trading update and appear concerned over its prospects in the important fourth quarter.
The Whitehaven Coal Ltd (ASX: WHC) share price was out of form in June and fell 21%. Investors may have been selling the coal miner's shares due to concerns that it could be impacted negatively by the Australia-China trade spat. This follows reports that some Chinese power plant operators have been instructed to not buy Australian coal. Also adding to the selling pressure was news that its shares have been removed from the S&P/ASX 100 Index at the quarterly rebalance.
The Webjet Limited (ASX: WEB) share price was a poor performer in June and fell 19.8%. Investors were quick to sell travel shares after a spike in coronavirus cases in Victoria threatened to delay the recovery of the domestic travel market. It wasn't just Webjet falling heavily. The Corporate Travel Management Ltd (ASX: CTD) share price fell 19.2% and the Flight Centre Travel Group Ltd (ASX: FLT) share price tumbled 15% last month.
