The S&P/ASX 200 Index (ASX: XJO) was unable to make it eight successive weeks of gains and slipped lower last week. The benchmark index fell 10.7 points or 0.2% to end at 6,664.8 points.
While a number of shares dropped lower with the market, some fell more than most. Here's why these were the worst performing ASX 200 shares last week:
AGL Energy Limited (ASX: AGL)
The AGL share price was the worst performer on the ASX 200 last week with an 8.8% decline. Investors were selling the energy company's shares after it downgraded its guidance. AGL now expects its net profit after tax to be in the range of $560 million to $660 million this year. This is down from its prior guidance of $500 million to $580 million and represents an 11% reduction at the midpoint. Weak wholesale prices are partly to blame for its underperformance.
Nearmap Ltd (ASX: NEA)
The Nearmap share price wasn't far behind with a 7.7% decline last week. This is despite there being no news out of the aerial imagery technology and location data company. However, a week earlier, analysts at Macquarie downgraded the company's shares to a neutral rating and cut the price target on them to $2.40. Its analysts suspect that a rotation to value and cyclical stocks could weigh on Nearmap's shares in the near term.
Resolute Mining Limited (ASX: RSG)
The Resolute share price was out of form and dropped 6.7% over the four days. This appears to have been driven by a spot of weakness in the gold price last week. It wasn't just the Resolute share price dropping lower. A number of other gold miners also recorded disappointing declines. This led to the S&P/ASX All Ordinaries Gold index losing 3% of its value last week.
AMP Ltd (ASX: AMP)
The AMP share price dropped 5.9% lower last week. This is despite there being no news out of the financial services company. However, prior to last week, the AMP share price was up over 30% since the start of November. This could have led to some investors taking a bit of profit off the table ahead of the Christmas break.
