Despite a soft finish to the week, the S&P/ASX 200 Index (ASX: XJO) recorded another strong gain last week. The benchmark index rose a sizeable 215 points or 3.5% to 6,405.2 points.
Not all shares were able to climb higher with the market last week. Here's why these were the worst performers on the ASX 200 over the five days:
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Ramelius Resources Limited (ASX: RMS)
The Ramelius share price was the worst performer on the ASX 200 last week with a 14.1% decline. Investors were selling its shares after a pullback in the gold price following news of a potentially effective COVID-19 vaccine being developed. This led to a huge improvement in investor sentiment and a collapse in demand for safe haven assets. For the same reason, the shares of Silver Lake Resources Limited (ASX: SLR), Saracen Mineral Holdings Limited (ASX: SAR), Westgold Resources Ltd (ASX: WGX), and Northern Star Resources Ltd (ASX: NST) all fell by around 9% over the five days.
Super Retail Group Ltd (ASX: SUL)
The Super Retail share price wasn't far behind with an 11.9% decline. Investors were selling the retailer's shares after analysts at Morgans downgraded them to a hold rating with an $11.78 price target. It made the move on the belief that its sales will be impacted from a post-vaccine redirection in spending.
Bapcor Ltd (ASX: BAP)
The Bapcor share price was a disappointing performer and sank 8.3% lower last week. The catalyst for this was the COVID-19 vaccine news. Investors were selling off shares that have been COVID-winners like Bapcor and rotating into underperforming areas like travel and banking. For the same reason, the ARB Corporation Limited (ASX: ARB) share price fell 8% over the five days.
Domino's Pizza Enterprises Ltd (ASX: DMP)
The Domino's share price was out of form and dropped 6.3% lower over the week. Once again, this was driven by concerns that its sales could be impacted post-vaccine when consumer spending is redirected to other areas such as travel and tourism. This led to analysts at Macquarie downgrading the pizza chain operator's shares to an underperform rating with a $72.10 price target.
