The S&P/ASX 200 Index (ASX: XJO) has just had its worst week in almost three months following a market selloff on Thursday. The benchmark index fell 2.8% to end at 6,607.4 points
While a good number of shares dropped lower last week, some fell more than most. Here's why these were the worst ASX 200 performers over the period:
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IOOF Holdings Limited (ASX: IFL)
The IOOF share price was the worst performer last week with a decline of 16.6%. Investors sold the financial services company's shares following the release of its second quarter update. That update revealed that IOOF's Funds Under Management, Advice and Administration (FUMA) fell $0.4 billion to $202.4 billion during the quarter. This was despite the company recording positive market movements of $12.7 billion during the three months.
Ampol Ltd (ASX: ALD)
The Ampol share price wasn't far behind with a decline of 14.9% over the five days. Last week the fuel retailer announced the completion of its $300 million off-market buyback. Ampol revealed that it bought the shares back at $26.34, which represents a 14% discount. The company advised that it expects $24.33 of the buyback price to be treated as a fully franked dividend for Australian capital gains tax purposes.
Lynas Rare Earths Ltd (ASX: LYC)
The Lynas share price was out of form and dropped 14% lower last week. This appears to have been driven by market volatility and profit taking after a strong gain earlier this month. Not even an impressive second quarter update could take its shares higher. According to the release, Lynas delivered second quarter production of 1,367 tonnes, which was in line with its guidance. This led to the company posting record quarterly sales revenue of $119.4 million. This was up from $87.3 million in the first quarter.
Kogan.com Ltd (ASX: KGN)
The Kogan share price was a very poor performer and dropped 13.8% over the period. The catalyst for this was the release of a first half trading update. Kogan revealed that it achieved a 96% increase in gross sales and a 140%+ jump in earnings before interest, tax, depreciation and amortisation (EBITDA) for the half. While this is strong growth by ordinary standards, it is a reasonably sharp slowdown compared to earlier in the half. After the first four months of the financial year, Kogan's sales were up 99.8% and its operating earnings were up 268.8%.
