The S&P/ASX 200 Index (ASX: XJO) had a number of ups and downs last week but ended with a small weekly gain. The benchmark index rose 0.1% to 5,864.5 points.
Not all shares were able to climb higher with the ASX 200 last week. Here’s why these were the worst performers over the five days:
Cleanaway Waste Management Ltd (ASX: CWY)
The Cleanaway share price was the worst performer on the ASX 200 last week with a 13.5% decline. Investors were heading to the exits in their droves after the waste management company confirmed reports of poor workplace behaviour by its CEO, Vik Bansal. Cleanaway launched an internal investigation and will implement a range of measures. These include executive leadership mentoring, enhanced reporting, and monitoring of the CEO’s conduct. Mr Bansal has also been given a final warning.
Unibail-Rodamco-Westfield (ASX: URW)
The Unibail-Rodamco-Westfield share price was out of form last week and dropped a sizeable 10.5% lower over the five days. This appears to have been triggered by the announcement of the shopping centre operator’s reset plan. Its deleveraging plan includes a fully underwritten 3.5 billion euro capital raising which will be used to pay down its debt obligations.
AMP Limited (ASX: AMP)
The AMP share price wasn’t far behind with a 9.1% decline last week. This decline was attributable to the financial services company’s shares trading ex-dividend on Friday. AMP is paying a fully franked 10 cents per share interim dividend. Eligible shareholders can look forward to receiving this dividend on 1 October.
Virgin Money UK (ASX: VUK)
The Virgin Money UK share price was a poor performer and tumbled 8.1% lower last week. This decline could be due to the UK based bank being removed from the S&P/ASX 100 Index next Monday. I suspect index tracking funds and fund managers with strict investment mandates may have been offloading shares ahead of its exclusion.
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