Last week was an unforgettable one for the S&P/ASX 200 Index (ASX: XJO). The benchmark index had its strongest week in almost six months and saw it record a 5.4% gain to end at 6,102.2 points.
A small number of shares were unable to follow the lead of the ASX 200 last week. Here’s why these were the worst performers on the index over the five days:
Megaport Ltd (ASX: MP1)
The Megaport share price was the worst performer on the ASX 200 last week with a 1.9% decline. This was despite there being no news out of the elastic interconnection services provider. However, a week earlier Commonwealth Bank of Australia (ASX: CBA) revealed that it had been selling shares. The banking giant appears to have been locking in gains after Megaport’s year to date gain of over 50%.
Nanosonics Ltd (ASX: NAN)
The Nanosonics share price was out of form and dropped 0.9% lower over the five days. Last week analysts at Goldman Sachs reiterated their neutral rating and $5.50 price target on the infection prevention company’s shares. This compares to the latest Nanosonics share price of $5.62.
Transurban Group (ASX: TCL)
The Transurban share price underperformed the market last week with a 0.9% decline. This follows the release of its annual general meeting update which revealed that its quarterly traffic volumes were still down notably. However, there have been big improvements in certain markets. Transurban also advised that it has commenced a process for the potential introduction of equity partners into its Greater Washington Area assets. It expects this to release significant capital into the business.
Bravura Solutions Ltd (ASX: BVS)
The Bravura Solutions share price wasn’t far behind with a decline of almost 0.9%. This was despite there being no news out of the financial technology company. However, the Bravura share price has been under a lot of pressure since the release of its full year results in August. Investors appear disappointed by its outlook for FY 2021, which indicated that earnings could be flat because of the pandemic.