The S&P/ASX 200 Index (ASX: XJO) was well and truly out of form last week and sank notably lower. The benchmark index dropped 3.9% over the five days to finish at 5,927.6 points.
While the majority of shares on the index dropped lower, some fell more than most. Here's why these were the worst performers on the ASX 200 last week:
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Western Areas Ltd (ASX: WSA)
The Western Areas share price was the worst performer on the index last week with a 20.8% decline. The majority of this decline came on the final day of the week after the nickel producer downgraded its FY 2021 production guidance and increased its costs guidance. Management blamed this on production issues at its Flying Fox operation.
EML Payments Ltd (ASX: EML)
The EML Payments share price wasn't far behind and recorded a disappointing 18.4% decline over the five days. This appears to have been driven by a combination of weakness in the tech sector and profit taking after a very strong gain earlier in the month. The EML Payments share price still ended up recording a 1.7% gain over the month of October despite last week's decline.
Corporate Travel Management Ltd (ASX: CTD)
The Corporate Travel Management share price was out of form and tumbled 16.1% lower last week. This decline appears to have been caused by its annual general meeting update, which revealed that the travel company averaged revenue of $9.6 million per month during the first quarter. In addition to this, a spike in COVID-19 cases in North America and Europe put pressure on travel shares. It was for this reason that the Flight Centre Travel Group Ltd (ASX: FLT) share price dropped 15.8% lower over the period.
Zip Co Ltd (ASX: Z1P)
The Zip Co share price had a disappointing week and lost 15.1% of its value over the five days. The buy now pay later provider's shares have come under pressure since the release of its first quarter update a week earlier. News that Westpac Banking Corp (ASX: WBC) was selling off its stake has also weighed on investor sentiment this month.
