Despite the U.S. election uncertainty, the S&P/ASX 200 Index (ASX: XJO) has just had its best week in a month and recorded a very strong gain. The benchmark index climbed a sizeable 4.4% to end the week at 6,190.2 points.
Unfortunately, not all shares were climbing higher last week. Here's why these were the worst performers on the index:
Pendal Group Ltd (ASX: PDL)
The Pendal share price was the worst performer on the ASX 200 last week with an 8% decline. Investors were selling the fund manager's shares following the release of its full year results. Pendal reported cash earnings per share of 45.5 cents, which was down 11% from 51.3 cents per share a year earlier. This was driven by a 4% decline in funds under management and a 3% increase in its operating expenses.
Fortescue Metals Group Limited (ASX: FMG)
The Fortescue share price was out of form last week and dropped 4.7% lower. The catalyst for this decline was a pullback in iron ore prices. Over the five days, the steel making ingredient shed 2.7% of its value. This appears to have been driven by an expected increase in global iron ore production during the fourth quarter of 2020.
Treasury Wine Estates Ltd (ASX: TWE)
The Treasury Wine share price wasn't far behind with a 4.6% decline over the five days. This appears to have been driven by its annual general meeting. At the event, management provided an update on Chinese investigations into wine dumping. It advised that the China Alcoholic Drinks Association has submitted a written request to the Chinese Ministry of Commerce that imports of Australian wine in containers of two litres or less into China be subject to retrospective tariffs.
Unibail-Rodamco-Westfield CDI (ASX: URW)
The Unibail-Rodamco-Westfield share price was a poor performer once again and dropped a further 4.6%. This stretched the shopping centre operator's year to date decline to 46.1%. Last week's decline was driven by the release of its guidance for 2020, which fell short of expectations. Unibail-Rodamco-Westfield's underperformance appears to have been caused by elevated rental relief as larger agreements are executed.
