The S&P/ASX 200 Index (ASX: XJO) has just completed a record-breaking month after recording a stunning 10% monthly gain to end the period at 6,517.8 points.
Unfortunately, not all shares on the index were able to follow the market higher, with some even recording sizeable declines.
Here’s why these were the worst performing ASX 200 shares last month:
Saracen Mineral Holdings Limited (ASX: SAR)
The Saracen share price was the worst performer on the index last month with a 16.5% decline. Investors were selling gold miners in November after COVID-19 vaccine progress gave investor sentiment a huge boost and led to demand for safe haven assets collapsing. For the same reason, Silver Lake Resources Limited (ASX: SLR), Northern Star Resources Ltd (ASX: NST), and Ramelius Resources Limited (ASX: RMS) shares all fell by more than 12.5% last month.
Domino’s Pizza Enterprises Ltd (ASX: DMP)
The Domino’s share price wasn’t far behind with a 12.6% decline in November. This was also triggered by the positive vaccine news. Analysts at Macquarie downgraded the pizza chain operator’s shares to an underperform rating and cut the price target on them to $72.10. Its analysts believe that consumer behaviour will return to normal in 2021 thanks to the vaccine. This could mean the end of Domino’s elevated sales.
Super Retail Group Ltd (ASX: SUL)
The Super Retail share price was out of form and dropped 11.7% lower during the month. This also appears to have been driven by a broker downgrade. Analysts at Morgans downgraded this retailer’s shares to a hold rating and reduced the price target on them to $11.78. The broker is expecting Super Retail to have a strong holiday period. However, it believes a redirection of spending post-vaccine will slow its growth in 2021.
NEXTDC Ltd (ASX: NXT)
The NEXTDC share price was a poor performer and tumbled 11.7% lower in November. This data centre operator appears to have been caught up in a tech selloff triggered by the vaccine news. Investors were rotating out of COVID-winners like NEXTDC and into value options. Despite this sizeable decline, the NEXTDC share price is still up a massive 72% in 2020.