A very disappointing end to the week led to the S&P/ASX 200 Index (ASX: XJO) recording a sizeable decline last week. The benchmark index dropped 2.4% to end the period at 5,925.5 points.
While a good number of shares sank lower with the market, a few fell more than most. Here's why these were the worst performers on the ASX 200 last week:
IOOF Holdings Limited (ASX: IFL)
The IOOF share price was the worst performer on the ASX 200 last week with a disappointing 22.5% decline. Investors were selling the financial services company's shares following the completion of the institutional component of its $1,040 million capital raising. IOOF raised a total of $734 million from institutional investors at a sizeable 24.4% discount of $3.50. These funds are being raised to partly fund the acquisition of the National Australia Bank Ltd (ASX: NAB) wealth business, MLC Wealth for $1,440 million.
Afterpay Ltd (ASX: APT)
The Afterpay share price was uncharacteristically out of form last week and sank 11.9% lower. The payments company's shares came under pressure for a couple of reasons. The first was an announcement by PayPal which revealed its plans to launch of Pay in 4 in the United States. Pay in 4 is a buy now pay later offering which allows consumers to pay for items in four interest-free instalments. Also weighing on the company's shares was a broad tech selloff on Friday.
Platinum Asset Management Ltd (ASX: PTM)
The Platinum share price wasn't far behind with a 10.1% decline last week. The majority of this decline came on Friday during the market selloff. In addition to this, a week earlier Macquarie slapped an underperform rating and $3.40 price target on Platinum's shares. It doesn't believe its premium over listed peers is justified and expects this to narrow in the near future.
Medibank Private Ltd (ASX: MPL)
The Medibank share price was out of form and sank 9.6% lower last week. This appears to have been driven by general market weakness and its shares trading ex-dividend. Eligible Medibank shareholders can now look forward to receiving its 6.3 cents per share fully franked final dividend on 24 September.
