The S&P/ASX 200 Index (ASX: XJO) was in fine form last week and surged notably higher. The benchmark index rose 2.4% over the four days to end the week at 6,995.2 points.
Unfortunately, not all shares on the index were able to climb higher with the market. Here’s why these were the worst performing ASX 200 shares last week:
Chorus Ltd (ASX: CNU)
The Chorus share price was the worst performer on the ASX 200 last week with a 6.4% decline. Investors were selling the New Zealand telco’s shares after it revealed that it has reduced its indicative Maximum Allowable Revenue (MAR) range to NZ$680 million to NZ$710 million. This compares to its previous MAR range of NZ$715 million to NZ$755 million.
AMP Ltd (ASX: AMP)
The AMP share price was out form and sank 4.9% over the four days. This may have been driven by profit taking after a strong gain a week earlier. That gain was driven by news that the embattled financial services company’s CEO, Francesco De Ferrari, is resigning. Mr De Ferrari will be replaced by the Australia and New Zealand Banking GrpLtd (ASX: ANZ) Deputy CEO, Alexis George. She will join the company in the third quarter of 2021.
Incitec Pivot Ltd (ASX: IPL)
The Incitec Pivot share price wasn’t far behind with a 3.8% decline last week. Investors were selling the agricultural chemicals company’s shares following an update on its Waggaman ammonia operation. Incitec Pivot warned that the operation is expected recommence production later than previously expected. As a result, it expects an earnings before interest and tax (EBIT) impact of $36 million in FY 2021.
Corporate Travel Management Ltd (ASX: CTD)
The Corporate Travel Management share price dropped 3.7% over the four says. This appears to have been driven by concerns over the rollout of COVID-19 vaccines across Australia. This follows the Government’s announcement that under 50s would not be receiving the AstraZeneca vaccine due to blood clotting worries. This has sparked concerns over the timing of the travel market recovery.