The S&P/ASX 200 Index (ASX: XJO) was out of form last week and recorded a small decline. The benchmark index ended the week 0.2% lower than where it started it at 6,111.2 points.
Four shares that fell more than most are listed below. Here’s why they were the worst performers on the ASX 200 last week:
Treasury Wine Estates Ltd (ASX: TWE)
The Treasury Wine Estates share price was the worst performer on the ASX 200 last week with a 22.8% decline. Investors were selling the wine company’s shares amid news that the Chinese Ministry of Commerce has initiated an anti-dumping investigation into Australian wine exports into China. In response to this, there is speculation China is preparing to levy hefty import duties on Australian wine exports.
Unibail-Rodamco-Westfield (ASX: URW)
The Unibail-Rodamco-Westfield share price was some way behind as the next worst performer with a 12.9% decline. This appears to have been driven by speculation the shopping centre operator is going to launch a major rights issue in the near future to see it through the crisis.
Cooper Energy Ltd (ASX: COE)
The Cooper Energy share price was out of form and dropped 10% lower. Last week APA Group (ASX: APA) announced that it would temporarily shut down its Orbost gas processing plant so it can be brought up to full operating capacity. The gas pipeline company is doing this under a revenue and cost-sharing deal with Cooper Energy. Investors didn’t appear pleased with the agreement.
Resolute Mining Limited (ASX: RSG)
The Resolute Mining share price wasn’t far behind with a 9.9% decline. Investors selling the gold miner’s shares amid news that Mali’s President Ibrahim Boubacar Keïta resigned after being detained by mutinying soldiers. Resolute’s key Syama gold operation is based in the country. During the June quarter the Syama operation contributed 63,705 ounces of gold production. This represents 59.4% of its total production of 107,183 ounces during the quarter.
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Returns as of 6th October 2020
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Treasury Wine Estates 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.
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